PGN reports lower Q1 net profit

Petromindo|Lucky

IDX-listed gas distribution company PT PGN Tbk reported Friday lower net profit for the first quarter of this year compared to the same period of last year as volume of gas delivered declined.

The company said in a statement that net profit in the January-March period of this year reached US$96.8 million. While the company did not provide comparative figure, this portal reported previously that net profit in the corresponding period of last year was $100.65 million, which means that the bottom line in the first quarter of this year was 3.82 percent lower year-on-year.

PGN said that revenue in the first quarter of this year reached $746 million, or $26 million higher compared to the same quarter of last year, but was attributed to higher revenue from upstream oil and gas operations run by its subsidiary PT Saka Energy Indonesia.

Meanwhile, operating profit in the first quarter of this year stood at $155.7 million, and EBITDA at $254 million.

During the first quarter of this year, PGN delivered as much as 1.542 mmscfd of gas (both transmission and distribution), down from 1,643 mmscfd in the same period of last year. Gas distribution volume was 816 mmscfd, higher compared to 797 mmscfd in the corresponding quarter of last year, while gas transmission volume was 726 mmscfd, down compared to 846 mmscfd in the first quarter of last year.

PGN said that the company remains committed to continue developing gas infrastructure facilities going forward including pipelines and non-pipeline infrastructures such as for CNG and LNG.

In the first quarter of this year, PGN?s gas pipeline increased by more than 252 km, to exceed 7,278 km, or about 80 percent of the total gas pipeline in the country.

Editing by Reiner Simanjuntak