PGN?s nine-month profit falls 17% on higher costs

State owned gas distributor PT Perusahaan Gas Negara (PGN) said its net profit in the first nine months of the year fell 17 percent because of higher costs and foreign exchange losses.

Net income in the period ended Sept. 30 dropped to Rp 1.3 trillion from Rp 1.57 trillion, PGN said in a statement to the Jakarta Stock Exchange on Wednesday.

Sales increased 23 percent to Rp 6.1 trillion.

Operating expenditure in the first nine months of the year jumped 45 percent to Rp 1.2 trillion, compared with last year, the company said. Cost of revenue rose 33 percent to Rp 2.7 trillion.

The company posted Rp 192 billion of foreign exchange losses in the period, compared with a gain of Rp 146 billion last year. (Denny)