PGN?s profit drops 48% to $306m through Q32015

IDX-listed state owned gas distributor PT Perusahaan Gas Negara (PGN) said its net profit until the third quarter of the year reached US$306.32 million, a 42 percent drop from $591.8 million in the same period of last year.

The firm booked $2.14 billion in sales, $440.85 million in operating profit and $614.34 million in EBITDA in the first nine months of the year. In comparison, the firm booked $2.5 billion in sales, $769.7 million in operating profit and $898.2 million in EBITDA in the same period of last year.

The volume of gas distributed by the firm reached 789 mmscfd in the nine months of year, down from 859 mmscfd in the corresponding period of last year. Forty percent of the gas was distributed for power generation. Meanwhile, the volume of gas transmitted by the firm?s subsidiary PT Transportasi Gas Indonesia (TGI) reached 743 mmscfd and by PGN 24 mmscfd. In comparison, TGI transmitted 864 mmscfd in the same period of last year.

?Sales and net profit in the first nine months of the year come in line with the downturn of Indonesian macro-economic and rupiah value. The national economic downturn has affected the performance of PGN?s customers in general, power plant and industrial customers in particular. AS their performance weakened, their capacity of absorbing PGN?s gas also weakened. This in turn affected PGN?s performance,? the firm said.

Editing by Johannes Simbolon