PGN books Rp 427 billion in net profit

State owned gas distribution company PT Perusahaan Gas Negara (PGN) booked a net profit amounting to Rp 427 billion in the third quarter of this year, an increase of about 20 percent from the same period in 2004, Media Indonesia reported Friday.

The company's financial director Djoko Pramono said on Thursday that its total revenues rose by 21 percent to Rp 3.9 trillion in the third quarter period thanks to a significant increase in its income from gas sales and transmission fees

The company's income from gas sales increased by 16 percent to Rp 429 billion while those from transmission fee rose by 43 percent to Rp 266 billion during the three month period ending in September.

Djoko said that the volume of gas sold by the company reached a total of 313.6 million metric standard cubic feet per day (MMSCFD) in the third quarter, an increase of 6.55 percent over the same period, last year.

While the volume of gas transmitted by the company totaled about 637.26 MMSCFD, an increase of 30.64 percent thanks to the sharp increase in the gas supply to Singapore. The company's total assets also rose to Rp 7.12 trillion.

The government is studying the possibility of converting its long-term loan worth about Rp 127 billion to the company into equity in order to increase its ownership in the gas distribution company. (*)