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Jakarta Post

Soaring PLN net profits driven by ‘external factors’

  • Stefanno Reinard Sulaiman

    The Jakarta Post

Jakarta   /   Wed, June 12 2019   /  01:20 am

State-owned electricity firm PLN unexpectedly overcame their gloomy financial performance in the third quarter of 2018 to close the year with a Rp 11.57 trillion (US$803 million) net profit, an amount 161.4 percent higher than the previous period’s.Previously, PLN announced $1.22 billion in losses as of the third quarter of 2018 because of an increase in operating expenses, as well as fuel and lubricant costs. According to the firm’s 2018 annual financial report published in the Indonesia Stock Exchange (IDX) on Wednesday, the biggest contribution to the 2018 full-year profit was from “other net incomes” that in total were worth Rp 15.6 trillion, 359.46 percent higher than in the previous period. The “other net incomes” were mainly from “receivables from the government” that rose to Rp 7.45 trillion after none were recorded in 2017. “On June 28, 2018, the government app...