PGN reports lower profit
Friday, March 18 2016 - 02:47 AM WIB
IDX-listed gas distribution firm PT PGN Tbk reported a lower net profit for last year as the global and domestic economic slowdown had affected the businesses of its customers.
The company said in a statement Thursday that 2015 net profit reached US$401.19 million. While it did not provide comparative figure, this represents a 44.5 percent drop compared to net profit of $722.75 million in the previous year as reported by this portal.
Meanwhile, net revenue last year was $3.07 billion, a percent decline from $3.41 billion in the previous year.
?The declining global and economic condition had generally affected the performance of the company?s customers particularly power plants and (manufacturing) industries,? said PGN Corporate Secretary Heri Yusup in the statement, adding that various efficiency measures has allowed the company to keep enjoying profit despite the tough time.
Elsewhere, PGN said in the statement that during the January-December 2015 period, PGN distributed 1,591 mmscfd of gas, comprising of distribution volume of 802 mmscfd, and transmission volume of 789 mmscfd.
Transmission volume during the period by subsidiary PT Transportasi Gas Indonesia reached 741 mmscfd, and while transmission volume by PGN totaled 48 mmscfd.
Editing by Reiner Simanjuntak