PGN net profits rise 45 percent in Q1

State owned gas distribution company PT Perusahaan Gas Negara (PGN) booked net profits of Rp 1.77 trillion in the first quarter of this year, a 45 percent increase compared to Rp 1.22 trillion in the same period last year.

PGN said that the sharp increase in net profit was contributed by the increase in the volume of gas being sold during the period.

PGN said gas sales rose by 17 percent to 841 million standard cubic feet per day (MMCFD) during the January-March period, this year. The increase in the gas sales also resulted in 0.2 percent increase in total revenues to Rp 4.49 trillion from Rp 4.48 trillion in the same period.

The operating profits also increased by 6 percent to Rp 2.11 trillion in the first quarter, 2010 from Rp 1.99 trillion in the same period, last year.

The company said that the increase in net profits was also partly contributed by the gain resulting from the appreciation of rupiah against the U.S. dollar. During the first quarter, PGN booked Rp 199 billion in gains from the appreciation of the Indonesian currency. (godang)