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PLN loses Rp 5.35t in first half as costs rise
State-owned electricity company PLN has announced trillions of rupiah in losses in the first half of 2018, mainly because the depreciating rupiah drove up procurement costs.
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A PLN technician checks electricity meters at a subsidized apartment building in Daan Mogot, West Jakarta. (JP/Bangkit Jaya Putra)
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tate-owned electricity company PLN has announced losses of Rp 5.35 trillion (US$363 million) in the first half of 2018, mainly because of increasing costs, kontan.co.id reports.
In its financial report published by Indonesia Stock Exchange (IDX) on Wednesday, PLN says the cost burden of the company increased to Rp 142.42 trillion in the first half of 2018, up from Rp 130.25 trillion in the corresponding period of last year.
Specifically, the fuel cost increased to Rp 64.66 trillion in the first six months of 2018, up 16.63 percent year-on-year (yoy).
Meanwhile, the cost of procuring electricity from third parties rose 10.47 percent yoy to Rp 37.81 trillion, maintenance costs swelled 20.07 percent yoy to Rp 9.52 trillion and contraction costs increased 6.5 percent yoy to Rp 15.11 trillion.
The rupiah depreciation is one of the main reasons for the increase in costs.
On the other hand, PLN recorded 7.37 percent yoy growth in revenue from electricity sales to existing customers at Rp 127.16 trillion and 7.93 percent growth in revenue from newly connected customers at Rp 3.54 trillion. (bbn)
