PGN 2011 net profit slightly lower on lower distributed gas volume
Saturday, March 31 2012 - 01:50 AM WIB
Gas distributor company PT Perusahaan Gas Negara Tbk (PGN) posted net profit of Rp5.93 trillion in 2011, slightly down by 5.3 percent from Rp6.24 trillion in previous year, in line with lower revenues.
The company?s revenues reached Rp19.57 trillion in the reporting year, slightly lower than revenues in previous year of Rp19.77 trillion. The lower revenues also pushed down its operating profit to Rp7.72 trillion, compared to Rp9.04 trillion in previous year.
Its EBITDA (earnings before interest, tax, depreciation and amortization) also edged down to Rp9.49 trillion from Rp10.73 trillion in previous year.
The company said in a statement that the lower revenue was a result of lower volume of gas distributed via its pipelines to consumers. In addition, costs also increase due to a rise in gas price purchased from gas producers.
The company said in 2011, the company distributed 795 million standard cubic feet per day (mmscfd) of gas, down from 824 mmscfd n previous year, while the volume of gas transmitted through its transmission pipeline reached 845 mmscfd, slightly higher than in previous year of 836 mmscfd.
PGN President Director Hendi Prio Santoso said the volume of gas it received during 2011 fluctuated as some of gas producers undertook work-over or maintenance of their producing facilities. He hoped the volume of gas distributed and transmitted through its pipelines will gradually increase in line with the government?s efforts to boost gas allocation to domestic market.
PGN and its partner state oil and gas company PT Pertamina are preparing Floating Storage and Regasification Unit (FSRU) West Java at the Jakarta bay with a capacity of 3 million tons per annum (mtpa). The company now expects the gas will begin flowing through the FSRU in second half of this year, delayed from initial plan of April.
It also expects to receive additional gas from Terang, Sirasun, Batur (TSB) fields offshore East Java developed by Kangean Energi Indonesia Ltd.
Editing by David Mustakim