PGN?s first-half net profit down 33%

IDX-listed gas distribution firm PT PGN Tbk saw its net profit in the first semester of this year declined by 32.9 percent to US$152.45 million compared to the corresponding period of last year.

The company said in a statement Wednesday that net sales increased slightly to $1.44 billion from $1.42 billion as the drop in oil price and fluctuation in the exchange rate of the rupiah against the US dollar affected its financial performance in the first half.

The company said that the increase in revenue was primarily attributed to the operation of the Kalija I gas transmission pipeline by its subsidiary PT Kalimantan Jawa Gas.

PGN Corporate Secretary Heri Yusuf said in the statement that efficiency measures launched by the company helped contributed to generate net profit in the first half.

During the first-half of this year, PGN distributed 1,613 mmscfd of gas, up from 1,554 mmscd in the first half of last year.

Editing by Reiner Simanjuntak