PGN to pay 50 percent of its 2003 net profit as dividend
Tuesday, March 2 2004 - 01:22 AM WIB
State gas utility PT Perushaan Gas Negara (PGN) is planning to pay 50 percent of its 2003 net profit as dividend for shareholders, the Koran Tempo newspaper reported quoting Dow Jones Newswires in its Tuesday edition.
PGN president director WMP Simandjuntak said his company will ask the shareholders in April for permission to pay 50 percent of its 2003 net profit as dividend.
This year, PGN’s management is targeting a 20 percent increase in its net profit in compare to the last year figure. The increase will come from the additional gas supply from Lapinda gas field in East Java.
There is a possibility that Lapinda’s production will reach 80 million cubic feet of gas from the existing 50 million cubic feet
The newspaper didn’t mention how much was the PGN’s net profit in 2003. (*)