JAKARTA (JP): State oil and gas company PT Pertamina may have booked a staggering Rp 23 trillion (US$2.5 billion) net profit in 2007, on the back of high crude oil prices and the company's efficiency programs, its president director Ari Sumarno said Thursday.
The figure is still an estimate as the official financial report will be formally issued on Jan. 30, when the company is scheduled to hold its annual shareholders' meeting.
The figure, which represents an 8.5-percent rise from the Rp 21.2 trillion it posted in 2006, would be the biggest net profit ever posted by an Indonesian company.
"This is a windfall profit, resulting from a surge in global oil prices and also due to good results coming from our efficiency programs," Ari said during the company's weekly meeting with reporters.
He also revealed Pertamina's investment plan for 2008, in which the company would allocated Rp 21 trillion for business operations.
Up to Rp 14 trillion would be spent on the upstream sector, while the remaining Rp 7 trillion would be allocated to the downstream sector, he said. (ika)
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