PGN?s 2003 net earnings down on lack of extraordinary gains
Friday, March 19 2004 - 02:45 PM WIB
President director WMP Simandjuntak told reporters that the decline in profit was due extraordinary gain the company made by selling shares of its subsidiary PT Transportasi Gas Indonesia (Transgasindo).
The company sold 40% stake in Transgasindo last yearfor US$187.6 million and booked extraordinary gains of Rp.825 billions.
The company?s 2003 sales increased 14.1% to Rp.3.596 trillion, with operating expenses increased by 18% to Rp.2.764 trillion. Operating income increased by 2 percent to Rp.832 billion in 2003.
PGN sold 262 MMCFD of natural gas in 2003, a 9.9 percent increase compared to previous year?s sales, while gas transported increased by 120 percent to 385.7MMCFD due to the commencement of South Sumatra-Singapore pipeline in 2003.
Simanjuntak said that in 2004, the company expects its business to grow by 15 percent due to increase in gas sales volume and increase in gas transportation business.
?Gas transporation revenue will be up this year due to increase in Caltex Pacific Indonesia and Singapore?s gas offtake,? said Simandjuntak. He added that gas sales would also be increased in 2004 as the company will receive new gas supplies from several gas producers in East and West Java. (alex/godang)