PGN net profit up 0.9% H1 2011

IDX-listed state gas distribution firm PT Perusahaan Gas Negara Tbk (PGN) posted net profit of Rp 3.35 trillion in the first half (H1) of 2011, increased slightly by 0.9 percent from the same period last year at Rp 3.32 trillion. A lower tax payment reportedly offset a decline in sales.

The company posted sales of Rp 9.41 trillion in the first semester, fell 1.15 percent from the same period last year of Rp 9.52 trillion. As a result, its gross profit also dropped by 3.31 percent to Rp 5.86 trillion from Rp 6.05 trillion.

PGN posted operating profit of Rp 4.05 trillion during the period, lower 11.37 percent compared to the same period last year, driven by lower sales and higher operating expenses. Operating expenses during the period rose to Rp 1.8 trillion, from Rp 1.48 trillion a year earlier.

In the first half, PGN?s tax payment stood at Rp 1.07 trillion, down from Rp 1.14 trillion, partly due to higher deferred tax, which rose to Rp 55.96 billion form Rp 32.88 billion.

As a result of slight increase of net profit, the company?s earnings per share (EPS) edged up to Rp 134 per share from Rp 132.

As of end of June 2011, the company?s cash and cash equivalent stood at Rp 12.01 trillion, compared to Rp 11.67 trillion at end of December 2010 and Rp 9.53 trillion at end of June 2010. (roffie)