PGN?s profit slides in Q1 2016
Friday, April 29 2016 - 03:21 PM WIB
The firm said despite the oil price significant drop and the rupiah?s fluctuation against the US dollar, it was still able to perform well during the period.
Revenue reached $720.39 million in Q1 2016, up by $24.02 million Replica Chloe Handbags from $696.37 million in Q1 2015. The increase in revenue primarily happened due the start of operation of the firm?s Kalija 1 gas pipeline and the increase in revenue contribution from its upstream subsidiary, PT Saka Energi Indonesia.
Operating profit reached $157.85 million in Q1 2016, up by $5.21 Celine Box Bags Outlet million from $152.65 million in Q1 2015. Meanwhile, EBITDA reached $230.33 million, up by 13.74 million from $216.58 million.
?To optimize performance, we carried out efficiency programs so that we can still book profits despite the global economic slowdown,? Corporate Secretary Hery Yusup said.
During the January-March 2016 period, the total volume of gas delivered by the firm reached 1.643 mmscfd, up from 1,567 mmscfd in the same period of last year with breakdowns as follows: The volume of distribution reached 797 mmscfd, up from 796 mmscfd, while the volume of transmission reached 846 mmscfd, up from 771 mmscfd.
Heri said PGN is optimistic that its performance will improve in view of the government?s efforts to drive the national economy. Despite the economic slowdown, PGN will continue expanding the utilization of gas by the public.
He said PGN has built over 860 km of pipelines over the past year. While as of end-2014, the firm?s gas pipeline network reached 6,161 km, now the network has reached 7.026 km, accounting for 76 percent of the national downstream gas pipelines, as a result of completions of the 200 km Kalija 1 pipeline and the expansions of existing pipelines.
At present, PGN Is finalizing a 18.3 km pipeline in Nagoya business district of Batam and constructing a 45 km pipeline over the Muara Karang-Muara Bekasi areas.
Editing by Johannes Simbolon