PLN net profit surges more than twofold to Rp11.6t in 2018
Saturday, June 1 2019 - 06:03 AM WIB
State electricity company PT Perusahaan Listrik Negara (PLN) recorded net profit of Rp11.6 trillion in 2018, increased more than twofold from Rp4.4 trillion in the previous year.
The improved performance was also reflected in the 40.8 percent rise of operating profit to Rp35.9 trillion from the previous year of Rp25.5 trillion.
The positive results was partly supported by an improvement of rupiah exchange rate toward the end of 2018 as well a slight decline of ICP in the third quarter of 2018.
The electricity sales rose by Rp16.9 trillion to Rp263.5 trillion in 2018. The increase was in line with a rise in electricity sales growth of 5.15 percent in 2018 to 234 terra watt hour (TWh) from 223 TWh in the previous year.
The rise was due to an increase of electricity consumption of business and industrial customers.
In 2018, PLN also added the length of transmission lines by 5,323 kilometers to 53,606 kms and substations by 20,645 MVA to 131,164 MVA, said PLN Finance Director Sarwono Sudarto.
The increase of kWh consumption was also driven by an increase of subscribers, which 71.9 million customers at end of 2018, added by 3.8 million of new customers from previous year.
The additional of new customers helped boost Indonesia's electricity ratio to 98.3 percent in 2018, from 97.5 percent in the previous year.
The improvement in the bottomline was also due to cost efficiency undertaken by PLN in 2018, including reducing the use of more expensive fuel, and replaced the fuel with lower price fuel.
Editing by Roffie Kurniawan
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