PGN?s net profit rises 146% in nine-month period

State gas distribution company PT Perusahaan Gas Negara (PGN) booked a net profit of about Rp 4.4 trillion (US$=Rp 9,520) during the first nine months of this year, an increase of 145.81 percent from Rp 1.79 trillion in the same period last year,

The company reported on Monday that its operating profit rose by 68.38 percent to Rp 5.91 trillion during the January to September period from Rp 3.51 trillion in the nine months period last year thanks to a significant increase in gas sales.

PGN?s President Director Hendi Prio Santoso said that the company?s total revenue reached a total of Rp 13.51 trillion during the January-September period, an increase of 49,78 percent from Rp 9.02 trillion in the same period of 2008.

During the January to September period, the company?s gas sales increased to 776 million standard cubic feet per day (mmscfd) from 566 mmscfd in the nine months period last year.

?We hope by the end of this year, the gas sales will reach about 800 mmscfd,? he said, adding that the company planned to build liquefied natural gas (LNG) receiving terminals to further increase the company?s gas sales in the coming years.

The company?s Corporate Secretary M. Wahid Sutopo said that the company planned to build LNG terminals in North Sumatra and in West Java to meet the surge in demand from corporate buyers.

He said that the two terminals were expected to begin commercial operation in 2012 and 2013, respectively. (*)