PGN?s third quarter profit surges 57 percent

State-owned gas utility company PT Perusahaan Gas Negara (PGN) booked total revenues of Rp 9.02 trillion (1US$= Rp10,600) during the third quarter of this year, an increase of 47 percent from those recorded in the same period, last year.

In its unaudited third quarter financial report, PGN said that with such a high increase in the total revenues, the company managed to increase its operating profit to Rp 3.51 trillion, a 63 percent increase from those booked in the corresponding period, last year.

?In the third quarter, total net profit rose 57 percent or about Rp 740.20 billion to Rp 2.04 trillion from Rp 1.3 trillion in the same period, last year,? it said, adding that the surge in the net profit was partly contributed by a significant increase in the volume of gas being sold.

Total sales volume until the end of September 2008 rose 41.04 percent to 565.83 standard million standard cubic meters (MMSCFD).

The company said that it is optimistic that the financial performance will continue to improve in the future in line with an increase in the sales contracts to power plants and other industrial buyers. (bernard)