Jakarta (IOGNews) - State oil and gas company PT Pertamina said its unaudited net profit reached an all time high of Rp24.6 trillion last year compared to Rp16.7 trillion in 2010.

"The significant increase in the profit was fueled among others by an increase in global crude oil prices," Pertamina Director of Investment Planning and Risk Management M. Afdal Bahaudin said after a hearing with the House of Representatives (DPR) Commission VII here on Tuesday.

He said the increase in unaudited net profit was also driven by oil and gas production hike.

According to data from Pertamina, the company`s income in 2011 reached Rp553.5 trillion compared to Rp417.9 trillion the year before.

The 2011 income accounted for 231.45 percent of the target set by the company, he said.

Earlier, Pertamina President Director Karen Agustiawan said the company applied aggressive strategy in the upstream oil and gas industry and profit strategy in the downstream oil and gas industry.

Pertamina is planning to spend Rp52.8 trillion on investment this year. Nearly 80 percent of the funds will be used to develop the upstream oil and gas industry and 20 percent for the downstream oil and gas industry.

The company is expected to produce 532,700 barrels equivalent to oil per day (boed), up from the realization of 465,300 boed. (Antara)