Pertamina books Rp 3.74t net profit
Pertamina books Rp 3.74t net profit
JAKARTA (JP): State-owned oil and gas company Pertamina booked
a net profit of Rp 3.74 trillion (about US$328.21 million) in the
nine-month 2000 fiscal year that ended on Dec. 31. This compared
to the Rp 4.98 trillion profit earned in the 12-month 1999 fiscal
year.
Pertamina said in a statement on Tuesday that gross profit for
fiscal 2000 stood at Rp 9.03 trillion, of which Rp 5.29 trillion
was paid to the government in taxes.
The company said it had received an unqualified opinion from
the Development Finance Comptroller (BPKP) for its 2000 financial
statement.
The state company records its financial performance based on
the fiscal year due to its vital role in financing the state
budget.
The 2000 fiscal year ran from April 1 to Dec. 31, compared
with previous fiscal years which ran for 12 months from April 1
to March 31. Starting this year, the government has brought the
fiscal year into line with the calender year.
During the period, the statement said, Pertamina spent some Rp
70.3 trillion on the importation of crude oil, and notched up an
additional Rp 6.7 trillion in costs for distributing fuel
nationwide.
Revenue from fuel sales in the local market, however, was only
Rp 21.4 trillion, which forced the government to pay out Rp 55.6
trillion in fuel subsidies.
Pertamina, which is one of the country's biggest state
companies, controls the country's oil and gas sector under the
law as it now stands.
It is responsible for the nationwide distribution of fuel,
selling it at prices set by the government.
In return for this service, the government covers distribution
and production costs and pays Pertamina certain fees.
Pertamina's other revenue comes from its oil and gas fields,
which it operates under contracts with the government.
It also receives so-called "management fees" from the
government for supervising the country's oil and gas contractors.
Under the existing law, Pertamina regulates and supervises all
oil and gas contractors.
Pertamina also has six subsidiaries which are not directly
involved in the oil and gas business. These companies earned a
total of Rp 143.8 billion in the last fiscal year.
In the fiscal year before that, the six subsidiaries raked in
total revenues of Rp 77.1 billion.
The subsidiaries are PT Elnusa (electronics), PT Patra Jasa
(hotels and restaurants), PT Pelita Air Services (air
transportation), PT Patra Dok Dumai (docking services), PT Tugu
Pratama (oil and gas insurance), and PT Pertamina Tongkang (small
vessels provider).
The government imposes a hefty 60 percent corporation tax on
Pertamina -- which is almost twice as much the tax imposed on
other firms -- to ensure that most of its earnings return to the
state. (bkm)