PLN net profit up 156.2 percent

State-owned electricity company PT Perusahaan Listrik Negara (PLN) booked a net profit of Rp 12.3 trillion during the first half of this year, an increase of Rp 7.5 trillion or 156.25 percent from Rp 4.8 trillion recorded during the same period last year.

The increase was resulted from the increase of operational profit and due to the appreciation of rupiah against the US dollar at Rp 4.4 trillion, although the rupiah value was weakening against Yen.

PLN said in a press release on Tuesday that its operational profit during the first half of 2014 was recorded at Rp. 26,6 trillion, an increaase of Rp.8,2 trillion or 44,8 percent from Rp 18.4 trillion during the same period in 2013. The profit increase was resulted from PLN?s efforts to maintain efficiency, particularly on human resources and maintenance costs.

Based on the company?s unaudited financial report per June 30, 2014, its operational income during the first half of 2014 reached Rp. 145,1 trillion as compared to Rp. 116,7 trillion during the same perod in 2013, an increase of Rp. 28,4 trillion or 24,3 percent.

It was resulted from the increase of power sale volume to 96,560 Tera Watt hour (TWh), or an increase of 6,7 percent from that recorded at the same period in 2013. PLN has continued to increase the electrification rate, and by June 2014 its total customers reached 55,74 million customers.

The company?s operational costs during the same period this year reached Rp. 118,5 trillion, an increase of 20,5 percent from Rp. 98,3 trillion recorded in 2013.

Its EBITDA increased by 29,7 percent from Rp. 30.4 trillion during the first half of 2013 to Rp. 39,4 trillion during the same period this year.

Editing by Benget Besalicto ST