Indonesia’s Pertamina reports financial results for Q1

According to media reports, Indonesia’s state oil and gas firm Pertamina reported a net profit of $760 million in Q1 of 2017, down by 25% from the same period of last year. The drop in the company’s profit was attributed to the rise in crude oil prices, which the company found it hard to reflect to their customers.

Meanwhile, the company’s revenue rose to $10.1 billion in the same period, up around 19% from $8.55 billion in Q1 of 2016.

The company’s total expenditure in Q1 posted a sharp increase of 208% to $1.1 billion from $360 million as many projects which started in 2016 were paid for in Q1 of 2017.