PGN reports 45 percent increase in net profit

Publicly listed gas utility company PT Perusahaan Gas Negara (PGN) booked total sales of about Rp 5.83 trillion (1 US$= Rp 9,157) during the first semester of this year, an increase of about 51 percent from Rp 3.85 trillion in the same period, last year.

The company said that the hefty increase was largely resulted from the higher revenues from gas transmission services.

During the first semester of this year, the company?s operating profits rose by 65 percent to Rp 2.3 trillion from Rp 1 .4 trillion the first half of last year, while its net profit rose by 45 percent to Rp 1.45 trillion from Rp 1 trillion in the first semester of last year.

The company said that total sales volume reached 551.3 million standard cubic feet per day (MMSCFD), an increase of 42.4 percent from 389.2 million standards cubic per day.

The company reported a 3.83 percent growth in its gas transmission business in the January to June this year to 743.1 MMSCFD from 719.7 MMSCFD in the same period last year. (godang)