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Jakarta Post
The Jakarta Post
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PGN books US$ 218 million net profit up to Q3

  • Stefanno Reinard Sulaiman
    Stefanno Reinard Sulaiman

    The Jakarta Post

Jakarta | Mon, November 12, 2018 | 04:03 pm
PGN books US$ 218 million net profit up to Q3 A building owned by state-owned gas company PGN. (Courtesy of/State-owned gas subholding company PGN )

State gas company PT Perusahaan Gas Negara booked net profit of US$ 218.14 million in the first nine months of 2018, higher than the figure in the corresponding period last year of $97.9 million.

According to PGN’s quarterly finance report published on Monday, its revenue cost stood at $1.76 billion, 9.6 percent higher than the figure in 2017’s first nine months.

However, its net revenue was recorded at $2.4 billion, 12.9 percent higher than the figure in the corresponding period in 2017, which stood at $2.1 billion.

PGN corporate secretary Rachmat Utama said on Monday that the achievement was supported by the introduction of efficiency measures by the company.

“We have implemented several efficiency measures. Therefore, we still managed to collect profit amid sluggish economic growth,” he said in a statement issued on Monday.

Meanwhile, the company’s losses of Rp.30.7 million were attributed to the rupiah’s weakening exchange rate against the US dollar in the first nine months of 2018. 

From January to October, PGN distributed 828.98 million standard cubic feet per day (mmscfd).

PGN is completing integration into state-owned oil and gas holding company Pertamina. The process includes the payment of $1.2 billion to acquire a 51 percent stake in PT Pertagas, Pertamina’s gas subsidiary. (bbn)

 

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