JAKARTA, May 24 (Xinhua) -- An executive of Indonesia's state-owned oil and gas firm of Pertamina said on Wednesday that the firm recorded a 25-percent net profit drop to 760 million U.S. dollars in the first quarter this year from 1.01 billion U.S. dollars recorded in the corresponding period last year.
"Despite the reduction, Pertamina recorded increasing revenue to 10,5 billion U.S. dollars in the period, or 19 percent higher than 8.55 billion in the same period last year," Pertamina President Director Elia Massa Manik said.
He said the net profit reduction was significantly affected by the increasing international crude oil price (ICP) that led to the diminishing of the firm's EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) by 13 percent from 2.18 billion U.S. dollars in the first quarter last year to 1.89 billion U.S. dollars this year.
The firm's expenditure to acquire capital goods during the first quarter this year stood at 1.11 billion U.S. dollars, higher than 0.36 billion U.S. dollars recorded in the same period last year, he added.
"It was because the investments we planned in the previous years were implemented in the first quarter this year," he said.
A single purchase
