TEMPO.CO, Jakarta - State oil and gas company Pertamina booked a net profit of 1.99 billion USD in the first nine months of 2017.
Income rose 18 percent to US$31.38 billion from US$26.62 billion, Pertamina President Director Elia Massa Manik said Thursday, Nov. 2. The average Indonesian Crude Price (ICP) in the January-September 2017 period increased 29 percent compared to the same period last year.
"Pertamina has also made maximum efforts to take retrenchment steps in the procurement (of goods and services) in the upstream and downstream sectors without disrupting its operations and reducing the quality (of its products)," he said.
Elia revealed with the improving performance and efficiency, the company could keep down its cost of goods sold and operating expenditures and make profit. If the company referred to the fuel price calculation formula, the income might reach US$32.8 billion and the net income might stand at 3.05 billion, he added.
However, Pertamina has returned the difference of income to the state as its contribution to the public, to offset the difference of selling prices of fuels at US$1.42 billion. The contribution excludes sales tax (PPN) and motor vehicle fuel tax.
Pertamina actually needs the fund to invest in the upstream sector, oil refineries and other strategic projects, the president director said.
ANTARA