PLN?s total revenues rise 14.2 percent to Rp 102.9 trillion

State owned electricity company PLN booked Rp 102.9 trillion in total revenues last year, an increase of 14.2 percent from Rp 90.2 trillion in the previous year partly thanks to an increase in the number of new customers.

PLN?s finance director Setio Anggoro said in Jakarta on Friday that the rise in the revenues was contributed by an increase in new electricity connections which rose by 2.3 million during the year.

He said that with the increase in new connections, the sales volume rose to 147,297 giga watt hour (gwh) from 134,582 gwh.

Setio said that operating profits rose to Rp 13.3 trillion in 2010 from Rp 9.9 trillion in 2009.But he said that the increase in the operating profits was not only due to higher sales but also due to an increase in the government?s subsidy to 8 percent from 5 percent in 2009.

The company?s net profit however dropped to Rp 2.23 trillion in 2010 from Rp 7,57 trillion in the previous year despite the rise in the operating profits. Setio said that the decline in net profit was caused by the appreciation of rupiah.

He said that although net profit declined the company?s earnings before interest, tax, depreciation and amortization (EBITDA) rose to Rp 28.3 trillion from Rp 23.4 trillion in 2009. The company?s total assets rose to Rp 368.5 trillion in 2010 from Rp 333,7 trillion in 2009.(giok)