Pertamina Suffers US$ 767.9 Million Loss as Oil Price Plummets

PT Pertamina posted a net loss of US$ 767.92 million in the first half of this year, dropped significantly from a US$ 659.96 million worth net profit a year earlier. It is the first time Pertamina has suffered from a net loss. According to the company's financial report published on its official website, the net loss was due to the company's dropped revenue to US$ 20.48 billion in the first semester, from US$ 25.55 billion a year earlier.

Pertamina's revenue fell in line with the decline in domestic sales of crude oil, natural gas, geothermal energy, and oil products, from US$ 20.94 billion during January-June 2019 to US$ 16.56 billion in the same period in 2020. Moreover, subsidies reimbursement from the government has also decreased from US$ 2.51 billion to US$ 1.74 billion. Fortunately, crude oil, natural gas, and oil products exports rose to US$ 1.76 billion from US$ 1.61 billion, thus partially curbing the decline.

Meanwhile, Pertamina's upstream production costs and lifting increased from US$ 2.38 billion to US$ 2.43 billion in the first half of 2020. Likewise, expenses from other operating activities increased to US$ 960.98 million from US$ 803.7 million a year earlier. Pertamina's liabilities also soared from US$ 35.86 billion to US$ 40.56 billion. These liabilities consist of short-term debt, which has increased from US$ 12.16 billion to US$ 13.14 billion, and long-term debt that has soared from US$ 23.71 billion to US$ 27.42 billion.