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Pertamina profit drops by 25% amid surge in crude oil price
State oil and gas firm Pertamina saw profit drop by 24.75 percent to US$760 million in the first quarter of this year from $1.01 billion in the same period last year due to a surge in prices for raw materials
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State oil and gas firm officials (from left to right) mega-project, processing and petrochemical director Rachmad Hardadi, upstream director Syamsu Alam, and president director Elia Massa Manik speak to journalists during a press conference on the company's first quarter performance in Jakarta on May 24. (JP/Stefani Ribka)
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tate oil and gas firm Pertamina saw profit drop by 24.75 percent to US$760 million in the first quarter of this year from $1.01 billion in the same period last year due to a surge in prices for raw materials.
The price of crude oil surged by 59.3 percent to $51 per barrel from $32 per barrel in the same period, Pertamina president director Elia Massa Manik said on Wednesday.
Revenue, meanwhile, increased by 18.71 percent to $10.1 billion from $8.55 billion.
"Revenue increased by only 19 percent mostly from non-subsidized product sales, despite the increase in crude oil price," Pertamina finance and business strategy director Arief Budiman told a press conference on Wednesday.
“The surge in crude price also caused net income to decline. We cannot pass [the increase] to the public.”
Total capital expenditure during the quarter surged by 208.3 percent to $1.1 billion from $360 million as several projects carried out in 2016 had just been paid for in the first three months of this year. (bbn)
