PGN?s net profit jumps 247 percent in third quarter

State gas utility PT Perusahaan Gas Negara Tbk. (PGN) posted record net profit during III quarter 2004, the Bisnis Indonesia newspaper reported in its Wednesday edition.

During the third quarter, PGN?s net profit was 187.7 billion, pushing its net profit to Rp 263.8 billion so far this year. The third quarter profit represents a 247 percent increase from Rp 76.1 billion in the second quarter of 2004.

?The better performance during the third quarter than the second was due to surge in income from the distribution and transmission of gas, especially from the transmission of gas to Singapore from Grissik,? PGN?s corporate secretary Widyatmiko Bapang said in a press release issued on Tuesday.

But actually, PGN?s nine-month net profit of Rp 263.8 billion was much lower than the Rp 522.2 billion during the same period a year ago. Losses from the exchange rate, burden of interest rate and the rise in amortization burden from its investments were the main factors for the falling net profit.

PGN?s sales until the end of third quarter jumped to Rp 3.2 trillion from Rp 2.6 trillion during the same period last year.(*)