PT PGN posts lower net profits
State-owned gas distributor PT Perusahaan Gas Negara Tbk (PGAS) booked Rp 5.93 trillion (US$646 million) in net profits in 2011, falling 4.9 percent from Rp 6.24 trillion the year before.
“Lower distribution volume and increases in cost of revenue and operating expenses contributed to the fall. Increases in cost of revenue were caused by the rise in the purchasing price of gas from extended and new contracts,” the publicly listed company said in a written statement on Friday.
PGAS reaped Rp 19.58 trillion in revenue in 2011, a slight decline of 1 percent from Rp 19.76 trillion in 2010. A 7.89 percent increase in cost of revenue to Rp 7.79 trillion in 2011, down from Rp 7.22 trillion in 2010, was a factor that caused the company’s gross profit to drop 6 percent to Rp 11.77 trillion in 2011, down from Rp 12.54 trillion in 2010.
Various other increases in operating expenses amounting to Rp 4.05 trillion caused a 14 percent drop in operating profit to Rp 7.72 trillion in 2011 from Rp 9.03 trillion a year earlier. (nvn)