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Wednesday, January 27, 2010

Pertamina raises net profit target of 63%

Wednesday, 27/01/2010
Pertamina raises net profit target of 63%

by: Irvin Avriano A. & Raydion Subiantoro

JAKARTA (bisnis.com): Shareholders of PT Pertamina agreed to increase the company's net profit target 63% this year to Rp25 trillion from the profit worth Rp17 trillion last year.

SOE (State Owned Enterprise) Minister Mustafa Abubakar said Pertamina AGM that held today also approved the company's capital expenditure (capex) as much as Rp45 trillion.

"The shareholders have agreed to increase the profit targets, but dividends have not been decided, as well as replacement directors, we have to cooling down first, because it only discusses RKAP [the annual working and budget meetings]," Mustafa said to the conference at Borobudur Hotel today.

He explained that the capital expenditure budget will be allocated to many things, some of which are acquisition, performance improvement, and the exploration of new refineries.

According to him, the biggest challenge facing Pertamina is discovering and exploration of geothermal fields because there are some new fields are ready to work with the company.

He explained that the energy state-owned companies are also committed to provide gas for power generation to PT Perusahaan Listrik Negara (PLN) so that the electricity company is guaranteed no shortage of gas supply this year.

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