Nusantara Regas net profit soars 250%

LNG liquefaction firm PT Nusantara Regas expects 2013 net profit to hit US$70 million this year with revenue reaching $1.1 billion.

CEO Tammy Meidharma said on Friday as quoted by media that the net profit will be 250 percent higher than last year?s net profit of $20 million and 16.6 percent higher than the original target set for this year.

Tammy attributed the jump in net profit to the increased volume of LNG processed that doubled last year?s volume.

The company targets next year?s profit to be flat at $70 million as the volume of LNG processed next year will not be significantly increased.

Tammy did not give detail about the volume of LNG the company processed this year.

Nusantara Regas is joint venture between PT Pertamina (Presero) and PT PGN (Persero) Tbk. The company operates a floating storage and regasification unit (FSRU) in the port of Tanjung Priok in Jakarta and supplies gas to state electricity firm PT PLN (Persero). (*)