"The profit growth was fueled among others by rising income in the downstream sector," the deputy for strategic and manufacturing industries to state enterprises minister, Irnanda Laksanawan, said here on Wednesday.
In the first semester of 2011 the company`s income increased 25.15 percent to Rp279.31 trillion from Rp223.19 trillion in the same period last year, fueled by a surge in Indonesia Crude Price (ICP), he said.
"ICP jumped to US$110 a barrel from US$80 a barrel previously," he said.
On average the prices of premium gasoline, kerosene and diesel oil surged 27.45 percent to US$23 a barrel from US$9.25 a barrel, causing the downstream sector to post a profit of Rp5.27 trillion, he said.
The figure was almost a fifth-fold increase compared to the target of Rp1.1 trillion, he said.
As per June 30, 2011 Pertamina`s assets totaled Rp327.167 trillion, an increase of 3.95 percent from Rp314.73 trillion in the same period ended December 31. 2010. However, its equities fell slightly by 5.9 percent to Rp111.8 trillion from Rp118.81 trillion.
The company has set the target of net profit for 2011 at Rp17 trillion-Rp20 trillion, higher than the net profit of Rp16.8 trillion achieved last year.
State Enterprises Minister Mustafa Abubakar said what Pertamina achieved in the first semester of 2011 was remarkable achievement.
"Pertamina has targeted the upper limit of a net profit at Rp20 trillion and lower limit of net profit at Rp17 trillion for 2011. Let`s wait whether it can be achieved or will be higher than the target because in the year ended June 30 it has reached Rp14.79 trillion," he said.
(Uu.R017/S012/H-NG )
Editor: Priyambodo RH
Copyright © ANTARA 2011
