PGN reports net profit at US$621M
Tuesday, October 30 2012 - 03:03 AM WIB
The company said in a press statement on Monday that during the nine month period, it booked an EBITDA of US$ 904 million.
Its net income amounted to US$1.83 billion and operational profit at US$769 million.
By September 2012, PGN increased the gas prices by 35 percent for customers in West Java, as part of the plan to gradually increase gas prices. It was due to the increase of its purchasing prices from ConocoPhillips and Pertamina. The second increase will be made on April 1 of 2013.
During the nine month period this year, PGN?s total sales volume of natural gas reached 801 mmscfd, and transmission volume at 878 mmscfd, which is mostly handled by PT Transportasi Gas Indonesia, a joint venture between PGN and TransAsia.
During the nine month period, PGN managed to distribute gas at 801 mmscfd as compared to 785 mmscfd during the same period last year. The increase was the result of an agreement reached by PGN with a number of gas suppliers to increase their field productivities, and the new flow of gas supply from Terang Sirasun Batur field, which is operated and managed by Kangean Energi Indonesia, Ltd since the end of May 2012.
On its transmission business, PGN managed to transport natural gas at 878 mmscfd, an increase of 4 percent compared to the same period last year. The increase was resulting from the swap between gas from Grissik field owned by ConocoPhillips and the gas from Jambi Merang field owned by state oil and gas company PT Pertamina to supply the gas need of state utility PT PLN at power plant Muara Tawar. The gas has been transported through the SSWJ transmission pipeline owned by PGN since the end of 2011.
Editing by Benget Besalicto Tnb.