PGN expects to book Rp 2 T revenue in 2000
Tuesday, November 14 2000 - 03:00 AM WIB
State gas company PT Perusahaan gas Negara (PGN) expects to book Rp 2 trillion (US$ = 9200) in revenue in 2000 compared to Rp. 1.7 trillion last year.
The company's president Qoyum Tjandranegara told the house in a hearing it sold 184.9 MMCFD of gas per day and transported 363.8MMCFD this year, which represented 8.7 percent increase from last year.
He said the company expected pre-tax profit of Rp. 400 billion and after tax profit of Rp 287 billion this year, compared to Rp 548 billion and Rp. 407 billion in 1999 respectively.
The decline in this year's profit, he said, was due to the increase of depreciation cost, interest payment and higher gas price.
Asset value of the company this year is Rp. 2,9 T, which reflects a decline of 19 percents to last year's asset value.
He said PGN would be able to increase its net profit to Rp. 488 billion in 2002 due to additional gas transmission from Grissik in South Sumatera to Caltex oilfield in Duri, Riau.
Qoyum also said next year PGN would form subsidiaries to manage its operations.
"To manage gas transmission pipeline, we will form PT Transmisi Indonesia. For distribution, we will form PT Distribusi Indonesia. We will also have PT Kogenerasi and PT Biogas to manage other gas sources such as gas generated from household garbage," He said.
In the end, said Qoyum PGN will become the holding company.
The move will be made to anticipate the new oil and gas law, which would give greater flexibility to PGN to seek for foreign partners. (Alex)