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PGN's net profit fell 45 percent last year
Ika Krismantari , The Jakarta Post , Jakarta | Fri, 05/01/2009 10:38 AM | Business
Publicly listed state gas distributor PT Perusahaan Gas Negara (PGN) said Friday that last year's net profit dropped 45.5 percent on foreign exchange losses.Its net profit fell to Rp 633.8 billion (US$60.2 million) in 2008 from Rp 1.16 trillion a year earlier, the company said in a statement to the Indonesia Stock Exchange.
The fall in the net profit was because the company posted huge foreign exchange losses, soaring to Rp 2.5 trillion in 2008 from only Rp 504 billion in 2007.
On the revenue side, the company showed solid growth last year, posting a 45 percent increase to Rp 12.7 trillion as compared to Rp 8.8 trillion in 2007.
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