Despite higher sales, PLN?s net profit drops 70.88%
Friday, July 28 2017 - 02:47 AM WIB
PLN said in a statement on Thursday that net profit in the January-June period of this year tumbled to Rp 2.3 trillion compared to the corresponding period of last year. It did not provide comparative figure, but the utility said last year that net profit during the first-half was Rp 7.9 trillion.
?This (the net profit drop) was caused by a number of incidental things including the increase in other burdens outside operation coming from 2013 burden of Rp 3.1 trillion, and less exchange rate differential revenue of Rp 2.1 trillion,? PLN said in the statement unveiling its first-half 2017 unaudited financial performance.
PLN said that operating profit in the first semester of this year increased by 12.84 percent to Rp 17.6 trillion, year-on-year.
Electricity sales during the six-month period of this year increased by 13.22 percent to Rp 118.5 trillion compared to Rp 104.7 trillion in the corresponding six months of last year.
Electricity sale volume rose 1.17 percent to 108.4 TWh from 107.2 TWh, as the utility expanded power plant capacity by 1,663 MW during the period including 463 MW of additional capacity from own power plants, and 1,199 MW from independent power producers, PLN said. It also completed, 1,489 circuit kilometers of transmission lines and 5,750 MVA of power substations.
The number of electricity consumers in the first semester of this year increased to 65.9 million from 64.3 million in the same period of last year, raising the country?s electrification ratio to 92.79 percent from 91.16 percent at the end of last year.
PLN said that it did not increased electrification ratio despite development in key factors affecting tariff such as rupiah exchange rate, oil price, and inflation rate, which were higher than the assumptions used in the 2017 state budget, but the company instead resorted to efficiency measures.
Editing by Reiner Simanjuntak