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Pertamina's net profit jumps 221% in H1 due to efficiency measures
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A worker prepares to fill the fuel tank of a vehicle at a filling station in Jakarta. (Kompas.com/-)
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tate-owned oil and gas company Pertamina recorded a more than twofold increase in net profit during the first half of the year after tightening its belt.
Pertamina finance director Arief Budiman said the company booked US$1.83 billion net profits in the first half, up 221 percent from $57 million in the same period last year, thanks to efficiency measures.
“Compared to other oil and gas companies, we had higher growth," he said in Jakarta on Thursday.
Arief further explained that Pertamina recorded $3.28 billion in operational profit in the first half, up 110 percent from $1.56 billion in the same period last year.
Despite the increased profits, Pertamina recorded a sharp decline in revenue during the first half due to persistently low global oil prices.
Arief explained that the company posted $17.19 billion in revenue in the first half, down 21 percent from $21.79 billion in the same period last year.
Pertamina president director Dwi Soetjipto acknowledged that stubbornly low global oil prices had affected revenues and net profits of not only Pertamina but also of other oil and gas companies.
"From January to March, the price remained low, but increased in the following three months. It has impacted revenues and net profits of all oil and gas companies," Dwi said. (ebf)
