PGN reports stronger Q3 revenue on solid gas distribution business
Thursday, October 31 2013 - 01:58 AM WIB
PGN said in a statement obtained Thursday that net revenue in the first nine months of this year rose by 20 percent to US$2.20 billion compared to $1.83 billion in the same period of last year. Gross profit reached $697.59 million, while EBITDA at $836.04 million. The company said that profit attributable to entity owners increased by 3 percent to $641.61 million.
The company said that its financial performance during the nine months ending September was contributed by its gas distribution and transmission businesses as well as from subsidiaries.
It said that gas distribution volume during the first nine months period of this year increased to 808 mmscfd from 801 mmscfd in the same period of last year as demand from customers remained stable despite the weak economic condition triggered by the sharp drop in the value of the rupiah against the US dollar and rising inflation.
The company said that the gas distribution volume during the period has fluctuated affected by supply from its traditional gas sources, while supply from new gas fields have been hampered by lack of gas infrastructure facilities.
Meanwhile, gas transmission volume during the period declined to 867 mmscfd from 878 mmscfd in the same period of 2012.
Its subsidiary PT Saka Energi Indonesia, which has acquired Kufpec Indonesia (Pangkah) BV, which holds a 25 percent participating interest in the Pangkah oil and gas block, has begun to contribute to the company?s overall revenue, with contribution in the third quarter booked at $17 million.
The other two blocks, Ketapang in East Java and Bangkanai in Central Kalimantan, acquired by Saka, are expected to begin production at the end of 2014, the company said.
Going forward, the company said that it aims to continue to push for the development of new gas infrastructure facilities in a bid to support the government?s campaign for higher gas distribution at home.
Editing by Reiner Simanjuntak