PLN expects Rp300 billion in net income this year

State power company PLN estimates that it will gain net profit of Rp300 billion (US$=Rp8,400) this year, Koran Tempo daily reported Monday.

The projected net income is based on the company's expectation that this year's revenues will be bigger than the operating costs, PLN's commissioner Yogo Pratomo was quoted as saying over the weekend.

The company's gross income of this year is estimated at Rp1 trillion, said Yogo who is also director general of electricity and energy utilization.

A portion of the Rp1 trillion will be used to service the company's debts, which total Rp28 trillion, he said.

However, PLN's finance director Parno Isworo said earlier that the company's net profit of this year was estimated at Rp241 billion only.

Meanwhile, the firm had initially projected to suffer financial losses until 2005 as most of its gas-fired power plants were forced to use fuel due to the lack of gas supply. The company had projected to return to profit by 2006. (*)