Pertamina posts net profit of US$3.15 billion last year

Jakarta (ANTARA News) - State oil and gas company PT Pertamina posted an audited net profit of US$3.15 billion last year, its acting director Yenni Andayani said on Thursday.

"Pertamina has carried out its function properly. The company is also very good in terms of financial condition," she said while disclosing the companys performance for all of 2016.

Also present at the meeting was newly-elected Pertamina president director Elia Massa Manik who replaced Dwi Soetjipto who was discharged on February 3, 2017.

Elia was formerly president director of state-owned plantation holding company PT Perkebunan Nusantara (PTPN) III.

Yenni said the companys earnings before interest, taxes, depreciation, and amortization (EBITDA) margin reached 20.73 percent and income stood at US$36.49 billion last year.

Compared to the previous year, operating profit in 2016 fell, however net profit doubled and EBITDA margin continued to improve since 2014, she said.

She said the companys business has not always shown a good trend. From October to December 2016, the business slowed down.

Meanwhile, Elia said Pertamina is a large and strategic company because it is engaged in the energy sector.

"Energy plays an important role for other sectors. In fact, Energy prices and policies can affect other sectors very much," she said.(*)