Pertamina Loses IDR 11 T Amid the Spread of the Corona Virus

Jakarta, CNN Indonesia –

PT Pertamina (Persero) recorded poor performance during the first semester of 2020 or in the midst of the spread of the corona virus. The company recorded a net loss of US $ 767.91 million, equivalent to Rp.11.13 trillion (referring to the exchange rate of Rp.14,500 per US dollar).

In the same period last year, the company managed to make a profit of US $ 659.95 million, or Rp9.56 trillion.

If examined, these losses were triggered by a number of posts. It was recorded that the company’s sales and operating income fell 24.71 percent from US $ 25.54 billion to US $ 20.48 billion.

The decline in sales and revenue was contributed by the decline in sales of crude oil, natural gas, geothermal energy and domestic oil products from US $ 20.94 billion to US $ 16.56 billion. The state-owned energy company also experienced a decrease in revenue from other operating activities from US $ 497.23 million to US $ 424.80 million.

In addition, the reimbursement of subsidies from the government also fell from US $ 2.5 billion to US $ 1.73 billion. This year, Pertamina does not receive marketing fees, even though last year it managed to pocket US $ 6.42 million.

However, the export sales of crude oil, natural gas and oil products managed to increase from US $ 1.6 billion to US $ 1.76 billion.

Furthermore, the company also suffered a foreign exchange loss of US $ 211.83 million. In the same period last year, the company also pocketed a foreign exchange difference of US $ 64.59 million.

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However, Pertamina managed to reduce the cost of goods sold and other direct costs from US $ 21.98 billion to US $ 18.87 billion.

Furthermore, the company experienced an increase in its liabilities or liabilities from US $ 35.86 billion in December 2019 to US $ 40.56 billion in the first half of 2020. Then, the company’s equity fell from US $ 31.21 billion in December 2019 to US $ 29.66 billion in the first semester of 2020.

Due to this performance, the company was able to thin the number of assets from US $ 67.08 billion in December 2019 to US $ 70.22 billion in the first semester of 2020.

(ulf / agt)

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