PGN?s profit down to $860 million

State owned gas distributor PT Perusahaan Gas Negara booked US$860.53 million in a net profit attributable to equity holders of the company in 2013, a 3.4 percent decrease from $$889.70 in the previous year.

The decrease in the net profit occurred despite the fact that its sales rose 16 percent to $3 billion last year from $2.58 billion in the previous year.

Sales increased as a result of an increase in distribution volume and gas sales volume by its subsidiary PT Transportasi Gas Indonesia from 807 mmscfd to 824 mmscfd. Its costs of production rose to $1.58 billion from $1.10 billion.

?The rise in the purchasing price of gas from suppliers since Sept. 1, 2012 and April 1, 2013 has resulted in a 43 percent increase in the production cost last year compared to the previous year,? Corporate Secretary Hery Yusup said in a statement on Friday.

Its gross profit slightly decreased to $1.41 billon last year. Distribution and transmission expenses rose to $292.55 million, while general and administrative costs rose to $216.61 million.

The firm booked a foreign exchange gain amounting to $83.39 million last year, up from $49.75 million in the previous year. Last year, the firm?s assets were valued at $4.36 billion, up from $3.90 billion in the previous year. Capital expenditure rose to $681 million from $172 million.

Editing by Johannes Simbolon