The Jakarta Post
State-owned electricity company PLN has booked Rp 18.50 trillion (US$1.22 billion) in losses as of the end of the third quarter of 2018, compared to Rp 3.04 trillion in profit in the corresponding period last year, PLN’s financial report published on the Indonesia Stock Exchange (IDX) on Tuesday announced.
The report said that the losses were a result of the increase of operating expenses to Rp 224 trillion, an 11.82 percent increase over the operating expenses recorded in the corresponding period last year of Rp 200.31 trillion.
Expenses for fuels and lubricates increased by 19.45 percent year-on-year (yoy) to 101.7 trillion from Rp 85.28 trillion last year, while electricity purchase expenses increased by 13.50 percent yoy to Rp 60.61 trillion from Rp 53.40 trillion in the previous year.
Other expenses in the third quarter of 2018 included Rp 15.01 trillion for maintenance, up 15.10 percent, Rp 22.80 trillion for contraction, up 6 percent, as well as a loss of Rp 17.32 trillion from exchange rate differential due to the weakening of the rupiah.
The report also said last year’s exchange rate losses amounted to Rp 2.22 trillion, kontan.co.id reported,
Meanwhile, PLN’s revenue in the third quarter of 2018, came from, among others, electricity sales (Rp 194.40 trillion) and electricity connections (Rp 5.21 trillion). (bbn)