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PT Pertamina Persero's revenue through the third quarter of 2016 fell 17 percent to US$26.62 billion, or Rp354 trillion at an exchange rate of Rp13,300 per US dollar. By the end of 2016, Pertamina's revenue was projected to be lower than the previous year, at US$41.76 billion. Pertamina's revenue has been declining since 2014 due to the fall in global crude oil prices.
Meanwhile, Pertamina's profit for the January-September 2016 period surged 209 percent to US$2.83 billion from US$0.91 billion in the same period of the previous year. This figure is also higher than the full-year 2015 profit of US$1.42 billion.
In Pertamina's General Meeting of Shareholders (RUPS) on Friday, February 3rd, Minister of State-Owned Enterprises Rini Sumarno dismissed President Director Dwi Sutjipto and Vice President Director Ahmad Bambang due to disharmony between them in leading the company. In their place, Rini appointed Pertamina's Director of Gas and New Renewable Energy, Yenni Andayani, as acting president director of the state-owned company.
"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."
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