PGE?s net profit higher than target

By Bernard Loebs

PT Pertamina Geothermal Energy (PGE), a subsidiary of state-owned oil and gas firm PT Pertamina, recorded a net profit of US$75.16 million last year, 9.4 percent higher than $68.67 million set in its 2016 work plan and budget.

PGE President Director Irfan Zainuddin said on Wednesday, however, that revenue last year of $533.49 million was 1.4 percent lower than the initial target of $541.12 million.

He said that the company managed to book higher profit due to various efficiency measures implemented throughout the year.

Irfan said that there are still plenty of rooms for the company to further improve efficiency. ?In 2016, our installed capacity was only around 532 MW. We hope this year it could increase to 617 MW,? he said.

Editing by Reiner Simanjuntak