Pertamina Unsure to Meet 2015 Profit Target
5 October 2015 15:46 WIB
TEMPO.CO, Jakarta-Finance director of state oil and gas company Pertamina Arif Budiman, said Monday, October 5, that he is pessimistic that the firm will achieve this year's net profit target US$1.7 billion.
The declining prices of crude to US$40 per barrel makes it difficult for the company to book sales target as their target was set using a pegged price assumption of US$60 per barrel.
"From US$60 to US$ 40, we are already seeing a 30-percent price drop," Arif said in Jakarta on Monday.
Arif declined to mention this year's profit projection.
He made sure that Pertamina's losses this year have been caused mainly by oil prices decline. Other factors, such as the rupiah correction, have a less significant effect as Pertamina is still receiving dollar supplies from its upstream investments.
As per August, Pertamina has recorded a loss of Rp15 trillion.
At the end of September, corporate secretary Wisnuntoro Sardjono said Pertamina's losses had reached Rp15.2 trillion.
TRI ARTINING PUTRI | URSULA FLORENE
