Pertamina says net profit for 2012 will increase by 32%

Indonesia’s oil and gas firm, PT Pertamina, is aiming for a 32% increase in net profit from its 2011 target of Rp 17.7 trillion (US$1.9 million) to Rp23.5 trillion (US$2.6 billion) in 2012. The company said that the target is achievable considering that unaudited net profits for 2011 will reach Rp20.7 trillion (US$2.3 billion), a 16% increase over the initial target of Rp 7.7 trillion (US$858 million), and despite losses amounting to Rp640 billion (US$71.4 million) from the sale of subsidized fuels and Rp4.9 trillion (US$524.5 million) from non-subsidized liquefied petroleum gas (LPG). The company’s 2012 budget plans is projecting revenues of Rp527 trillion (US$58.8 billion), up by 15.6 % from the 2011 plan of Rp456.5 trillion (US$50.9 billion). Oil production in 2011 is estimated to reach 196,800 barrels per day (bpd), 3% higher than last year’s. (December 21, 2011)