PLN swings to profit

State-owned electricity company PT PLN turned to profit last year on higher revenue, exchange rate gains and efficiency measures.

PLN said in a statement Wednesday that it booked a net profit of Rp 11.7 trillion last year compared to a net loss of Rp 26.2 trillion in 2013.

The company said that operating profit increased by 11.9 percent to Rp 45.8 trillion as operating revenue rose by 11.8 percent to Rp 292.7 trillion.

Sales volume increased by 5.89 percent to 198.6 Terra Watt hour (TWh) from 187.5 TWh in the previous year, the copany said.

The number of customers expanded by 6.5 percent to 57.49 million, it added.

PLN said that government electricity subsidy as a component of revenue declined to Rp 99.3 trillion from 101.2 trillion as a result of higher electricity tariff.

PLN said it booked exchange rate gains of Rp 1.3 trillion, compared to a net loss of Rp 48.1 trillion.

Meanwhile, operating cost last year increased by 11.8 percent to Rp 246.9 trillion on higher fuel consumption particularly gas and coal to meet growing electricity demand, the company said.

The company said that it has continued to carry out efficiency measures by switching to non-petroleum fuel as primary source of energy.

Editing by Reiner Simanjuntak