PGN reports Q1 net profit decrease on translation loss, tax

State gas distribution firm PT. PT Perusahaan Gas Negara (Persero) Tbk (PGN) reported on Monday unaudited first quarter 2007 net profit of Rp.514, 50 billion (US$=Rp.9, 100) down 25.82 percent from last year?s same period.

The company said its release that the decline in net profit was mainly due to translation loss of Rp.95.35 billion which was caused by weakening Rupiah against USD and increase in tax payable.

Revenue increased by 7.56 percent to Rp. 1.846 trillion during the quarter and operating income increased by 10.70 percent to RP.809.42 billion.

According to Corporate Secretary Widyatmiko Bapang revenue increase came from gas distribution business which fetched Rp. 1.559 trillion during the quarter, or increased by 10.67 percent. Revenue from transmission business was down by 6.67 percent to Rp.286.72 billion due to weakening Rupiah.

The company sold 369 MMCFD of gas during the quarter, 8.38 percent higher than last year. It transmitted 707 MMCFD during the quarter, or up 4.66 percent compared to last year?s same period.(alex)