ASEAN KEY DESTINATIONS
Pertagas booked 29% net profit growth in 2013
PT Pertamina Gas (Pertagas), a subsidiary of state-owned oil and gas giant PT Pertamina, booked a 29 percent increase in net profit to US$158.84 million in 2013.
In addition, tribunnews.com reported the firm recorded a rise of 54 percent in its revenues to $615.46 million last year from $400.22 million the previous year.
"In the past five years, Pertagas' profit has increased significantly and the company's performance has been included in the AA category, which defines a company as healthy. This has encouraged us to compete in the gas industry," Pertagas president director Hendra Jaya said in Jakarta on Monday.
According to the firm’s data, it booked Rp 198 billion ($17.42 million) in net profits in 2009, Rp 555 billion in 2010, Rp 808 billion in 2011 and Rp 1.21 trillion in 2012.
High growth in the firm's 2013 revenue was supported by a 65 percent increase in its revenue from commercial gas to $246.28 million compared to the $149.47 million it booked in 2012.
In the commercial gas sector, Pertagas was able to reach 33.866 billion British Thermal Units (BBTU) per day, up from 23.070 BBTU the previous year.
“This is a result of expanding our market in West Java and East Java and fertilizers in South Sulawesi," Hendra said.
He also said revenues from gas transportation and processed oil and gas transportation were increasing.
Other significant growth could be seen in the sales of liquefied petroleum gas (LPG) and lean gas, which reached $87.68 million throughout last year, a 483.82 percent jump from 15.02 million in 2012.
Pertagas invested $286.64 million in 2013, up by 213.92 percent compared to the investment it made the previous year, which totaled $91.36 million.
Seventy six percent of its $930 million investment this year was allocated to pipeline projects between Arun (Aceh) and Belawan (North Sumatra), Muara Karang (Jakarta) and Tegalgede (West Java), and Gresik (East Java) and Semarang (Central Java). (nfo)
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