Pertamina revises up this year's profit target

[Indonesia promotor]

Sat, 09/20/2008 11:38 AM | Business

State oil and gas company PT Pertamina expects its net profits this
year to reach Rp 27.6 trillion (US$2.98 billion), higher than initial
estimates, an executive says. Finance director Frederick Siahaan said
Friday the company had earlier projected profits to hit Rp 25.4
trillion, but is now revising its projection upward by 8 percent,
mostly due to higher average oil prices and efficiency. The new target
will mark a 12.6 percent increase over last year, when the company
booked a net profit of Rp 24.5 trillion -- the highest profit ever
generated by an Indonesian entity. "But it will depend on oil prices,
should the price continue to fall, then the realization could be
lower," Frederick added. The net target is based on an average oil
price of $100 a barrel. The price of oil has been down 54 percent from
its peak of $147 a barrel, in July this year. Bloomberg reported
Friday oil prices for October delivery rose 1.4 percent to $99.27 a
barrel. More information: http://www.itpponline.biz/JKP2009082.htm