Impacted by the Pandemic, Pertamina Records Losses in the First Half of 2020

Economics & Macro

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Dwi Hadya Jayani 24/08/2020 14:20 WIB

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Pertamina (Persero) reported a net loss of US$767.9 million, or approximately Rp 11.3 trillion (assuming an exchange rate of Rp 14,755 per US dollar).

PT Pertamina (Persero)'s Net Profit (Loss)

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Impacted by the Pandemic, Pertamina Records Losses in the First Half of 2020

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PT Pertamina (Persero)'s Net Profit (Loss)

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PT Pertamina (Persero) reported a net loss of US$767.9 million, or approximately Rp11.3 trillion (assuming an exchange rate of Rp14,755 per US dollar). This figure represents a drastic decrease compared to the first half of 2019, when it recorded a net profit of US$660 million.

According to Pertamina's financial report for the first half of 2020, sales and operating revenue decreased by 19.81% year-on-year (YoY) from US$25.5 billion in the first half of 2019 to US$20.5 billion. The decline in revenue and sales was due to a 20.9% decrease in sales of crude oil, natural gas, geothermal energy, and domestic oil products, falling to US$16.6 billion. Furthermore, there was a 13.4% decrease in operating revenue from other operating activities, reaching US$414.8 million.

Pressure also stemmed from a 30.7% decrease in government subsidy cost reimbursement, from US$2.5 billion to US$1.7 billion. However, there was a 9.7% increase in the export sales of crude oil, natural gas, and oil products, reaching US$1.8 billion.

Editor : Aria W. Yudhistira

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."