State-owned gas distributor Perusahaan Gas Negara (PGN) booked a US$264.77 million net loss last year, reversing the previous year’s net profit, mainly due to a doubled tax dispute expense.
The company’s annual financial report shows operational income dropped 25.03 percent year-on-year (yoy) to $2.89 billion last year, led by falling gas sales to businesses and by falling crude oil and gas sales, which outpaced an 22.5 percent yoy decline in operational costs to $2.03 billion.
However, the biggest blow to PGN’s profit came from non-operational expenses, mainly its tax dispute expenses that doubled yoy to $278.37 million last year.
“In relation to this tax dispute, PGN will follow existing regulations, but still attempt legal steps to mitigate risks as best as possible,” said PGN finance director Arie Nobelta Kaban in the sta...
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