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Jakarta Post

State firms post Rp 87 trillion H1 net profit

  • News Desk

    The Jakarta Post

Jakarta   /   Wed, August 30, 2017   /   01:53 pm
State firms post Rp 87 trillion H1 net profit A worker rides a bicycle at an LPG depot owned by state-owned energy company Pertamina in Tanjung Priok, North Jakarta, on July 28. (Antara/Widodo S Jusuf)

Indonesia’s 118 state-owned enterprises (SOEs) recorded a net profit of Rp 87 trillion (US$6.52 billion) in the first half of 2017, down from Rp 88 trillion in the same period last year, an official has said.

"Net profit this year is almost the same as in the previous year as most state-owned companies allocated part of their operating profit to capital expenditures," State Enterprises Ministry secretary Imam Apriyanto Putro said in Jakarta on Tuesday.

State firms set aside Rp111 trillion for capital expenditures in the first half, 40.50 percent higher than Rp 79 trillion in the same period last year, he said.

Read also: RI defends itself against World Bank criticism over SOEs

The funds mostly went to infrastructure projects related to electricity, oil and gas, transportation (airports and seaports) and telecommunications.

State-owned electricity company PLN, energy giant Pertamina and telecommunications firm PT Telkom Indonesia recorded the biggest investment, Imam added.

“We still call 2017 the year of infrastructure," he said as reported by Antara.

Meanwhile, operational expenditure of the 118 SOEs reached Rp 788 trillion, compared to Rp 650 trillion in the same period last year, indicating the expansion of their businesses, Imam added.  

The ministry also recorded Rp 936 trillion in operating income from SOEs in the first halt, compared to Rp809 trillion in the first six months of 2016.

Their total assets reached Rp 6.69 quadrillion, compared to Rp 5.99 quadrillion last year. (bbn)