Pertamina reports profit in Q1 despite losses in January and February

Pertamina reports profit in Q1 despite losses in January and February

Dwi Soetjipto. (ANTARA/Akbar Nugroho Gumay)

We have set a target for net profit 15 percent higher than last year`s level of US$1.4 billion."
Jakarta (ANTARA News) - PT Pertamina chalked up US$28 million in net profit in the first quarter of this year despite losses recorded in January and February this year.

Dwi Sutjipto, the president director of the state owned energy company attributed the profit to optimization of operation and efficiency in March.

In March the company recorded a net profit of US$280 million after losses of US$110 million in January and US$120 million in February, Dwi said.

He said the losses in January and February were caused more by defici9t of around US$368 million in downstream business.

However, in March, the company launched optimization of operation and efficiency resulting in positive accumulation in the first three months of the year.

Dwi expressed optimism that the profit target set for the next quarter would be reached.

He predicted that the company would chalk up a 15 percent increase year-on-year in net profit in 2015.

"We have set a target for net profit 15 percent higher than last years level of US$1.4 billion," he said.
(Uu.H-ASG/A014)

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