PGN?s Q1 net revenue drops 38%
Friday, May 1 2015 - 02:18 AM WIB
Net revenue reached $109 million in the first quarter of the year ended March 31, a 38.07 percent from $176.67 million in the first quarter of last year
Sales reached $696.4 million, while operating profit and EBITDA stood at $152.5 million and $183.9 million respectively in the first quarter of the year.
The firm distributed 796 mmscfd of gas and transmitted 16.4 mmscfd during the period, while its subsidiary, PT Transportasi Gas Indonesia transmitted 754 mmscfd of gas.
?The global and domestic economic conditions have affected the company?s performance. Utilization of gas by industrial costumers and power plants dropped,? the firm said in the statement.
It noted that its upstream subsidiary, PT Saka Energi Indonesia (SEI), contributed $47.5 million in revenue generated from oil and gas production from Pangkah block in Madura, East Java, South East Sumatra block in South Sumatra and Fasken gas field in Texas, the United States.
On Feb. 2, 2015, SEI acquired a 30 percent participating interest in West Bangkanai block in Central Kalimantan from Salamander Energy. It was followed by an acqusition of 11.66 percent participating interest in Muara Bakau block in East Kalimantan from GDF Suez. The Muara Bakau block is scheduled to deliver its first gas in the fourth quarter of 2017.
During exploration in February 2015, SEI managed to find a gas reserve estimated at more than 500 bcf in its wholly-owned South Sesulu block, offshore East Kalimantan.
PGN is developing the Kalija-1 pipeline linking the Kepodang field to PLTGU Tambak Lorok power plant in Central Java. The pipeline is expected to come onstream in the third quarter of 2015.
The firm is also developing the Duri-Dumai-Medan, consisting of two segments, namely the 130-km Duri-Dumai segment and the 395-km Dumai-Medan segment. The project was kicked off by President Joko Widodo in a groundbreaking ceremony in January this year.
Editing by Johannes Simbolon