Indonesian state firms' profit up by 10.7%

The profits of 141 Indonesia's state-owned enterprises rose by 10.69 percent to 128.01 trillion rupiah (some 13.216 billion U.S. dollars) this year from that of last year, an official said Friday. Secretary of State-Owned Enterprises Ministry Wahyu Hidayat quoted by detik online, one of leading portals in the country, as saying that the highest contribution was from banking sector, followed by state oil and gas firm of PT Pertamina and state electricity firm of PT Perusahaan Listrik Negara. Indonesian economy is expected to expand by at least 6.3 percent this year amid the global economic slowdown as growing investment and increasing purchasing power of 238 million population have made up decline of exports. The Southeast Asia's largest economy has regained credit rating upgraded to investment grade from Moody's and Fitch's recently, helping lure global funds. The central bank has kept its benchmark interest rate to record low at 5.75 percent in a 10th month in a raw on Dec. 11, despite easing inflation amid the strong economic growth that did not need stimulus.