Pertamina units return to profitability
Tuesday, January 22 2002 - 02:16 AM WIB
Three subsidiaries of the state-owned oil and gas company Pertamina: PT Elnusa Harapan, PT Elnusa, and PT Patra Dok Dumai returned to profitability last year after suffering losses in the previous year.
Pertamina president Baihaki Hakim was quoted by the Neraca daily as saying on Monday that Elnusa Harapan, Elnusa and Patra Dok Dumai respectively booked profit before tax of Rp 5.65 billion (US$1=Rp 10,400), Rp 44.26 billion, and Rp 2.32 billion, compared to losses of Rp 19.4 billion, 30 billion, and Rp 9.32 billion.
Speaking at a hearing session with the House of Representatives commission VIII overseeing energy and mining sector, Baihaki said that the performance management contract applied at the subsidiaries had been positive in boosting profitability.
Meanwhile, two other Pertamina units PT Pelita Air Service and PT Pertamina Tongkang suffered declining profit last year.(*)