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Jakarta Post

Tax dispute leads PGN to book $265m net loss for 2020

The Jakarta Post Image
A building owned by state-owned gas subholding company PGN. (Courtesy of/State-owned gas subholding company PGN )
Norman Harsono
Jakarta   ●   Tue, April 13, 2021

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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