PJB?s revenue grows by 3%

Electricity producer PT Pembangkitan Jawa Bali (PJB), a subsidiary of state-owned electricity firm PT PLN, saw revenue in the first semester of this year increased by 3 percent to Rp 16.3 billion year-on-year, Bisnis Indonesia reported on Thursday.

The paper quoted PJB Finance Director Tjutju Kurnia Sutjiningsih as saying that the growth rate was slower than the annual growth rate target of 7 percent due to weaker economic growth in the January-June period of this year.

She said, however, the company is optimistic to meet the full-year revenue target of Rp 32.7 trillion.

Tjutju said that net profit for this year is also expected to exceed the Rp 3.3 trillion as in the first half of this year it has already reached Rp 2.3 trillion.

The company sold 12,239 GWh of electricity in the first semester, out of total production of 12,768 GWh.

Tjutju said that PJB has allocated Rp 5 trillion of investment for this year, mainly for two projects namely the 1,000 MW capacity expansion of the Jawa-1 coal-fired power plant project in Cirebon, West Java, and the planned development of a 2x1,000 MW power plant in Serang, Banten, knowns as the Jawa-7 coal-fired power plant project, which is targeted to be completed in 2020. (*)