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Jakarta Post

PLN state power utility targets first-ever net profit this year

  • The Jakarta Post

JAKARTA   /   Thu, January 22 2009   /  04:35 pm

State power firm PT PLN announced Wednesday it was targeting to book Rp 1.7 trillion (US$151.3 million) in net profits this year, the first profit since it was established. "We expect PLN to book its first profit this year," PLN president director Fahmi Mochtar told reporters after a meeting with the government to discuss the company's annual work plan. In 2008, PLN generated Rp 83.8 trillion in sales revenue and booked Rp 3.57 trillion in operating profits. The figures are higher than its initial targets to book Rp 79 trillion and Rp 536 billion in sales revenue and in operating profits, respectively. Despite this the company in 2008 suffered a Rp 5.6 trillion net loss, 6.7 percent lower than the Rp 6 trillion loss booked a year earlier. The company in part attributes its prolonged history of making losses to the assumption that it should...