PLN posts Rp 3.73 trillion loss in first semester of 2004

State-owned PT Perusahaan Listrik Negara (PLN) and its subsidiaries on Friday reported that they suffered a loss of Rp 3.73 trillion during the first semester of 2004, or a jump from the Rp 2.85 trillion loss during the same period a year earlier, the Harian Ekonomi Neraca newspaper reported in its Saturday edition.

Though PLN’s sales rose to Rp 29.94 trillion from Rp 24.89 trillion in the first half, the soaring fuel bill and foreign exchange losses had eaten up its revenue. Actually the company booked a profit (before tax) of Rp 1.33 trillion, or a jump from the loss of Rp 2.64trillion in the first semester of 2003.

PLN’s expenditure soared to Rp 28.61 trillion in the period ended June 30, 2004 from Rp 27.53 trillion during the period a year earlier.(*)