PGN 2016 net profit down 24.22%
Friday, March 17 2017 - 11:12 AM WIB
Petromindo|Lucky
IDX-listed gas distribution company PT PGN Tbk reported Friday a net profit of US$304 million last year. While the company did not provide comparative figure, this represents a 24.22 percent decline compared to $401.19 million in the previous year.
PGN said in a statement that net revenue for last year was $2.93 billion, 4.6 percent lower than $3.07 billion in 2015.
The company said that the slower economic growth, coupled with fluctuation in the exchange rate of the rupiah against the US dollar had affected its business last year.
PGN said that operating profit last year reached $444 million, while EBITDA stood at $807 million.
During the January-December 2016 period, PGN said it distributed a total of 1,599 mmscfd of gas, up from 1,591 mmscfd in the previous year. This comprises of gas distribution volume of 803 mmscfd (up from 802 mmscfd in the previous year), and transmission gas volume of 796 mmscfd (up compared to 789 mmscfd in 2015).
PGN said that despite the slower economic growth last year, the company continued to develop new gas infrastructure facilities, and will continue to be aggressive in developing the facilities this year. ?PGN will increasingly aggressive in developing national gas infrastructure to increase the utilization of national gas production,? it said.
Last year, PGN?s gas infrastructure pipelines expanded by more than 252 km to reach 7,278 km, or accounting for 80 percent the country?s total gas pipeline.
A number of gas pipeline projects completed by PGN as scheduled included 30 km Kalisogo-Waru pipeline, 27 km Jetis-Ploso pipeline, spanning Mojokoerto and Jombang, and 15 km Kejayan-Purwosari pipeline in Pasuruan, all in East Java.
In Batam, the company has completed an 18.3 km gas pipeline.
PGN said it is currently developing the 42 km Muara Karang-Muara Bekasi gas pipeline in West Java, and a number of other gas infrastructure facilities in the province totaling 43 km and 23 km in Surabaya.
Editing by Reiner Simanjuntak