Subsidy contributes almost half of PLN revenues in 1H 2011

State utility company PT PLN posts revenues of Rp 98.56 trillion in the first semester 2011, up 26.4 percent percent from the same period last year of Rp 78.0 trillion. Nearly half of its revenues were contributed by the government?s subsidy, amounting to Rp 40.86 trillion, jumped from Rp 27.8 trillion a year earlier.

Revenues from electricity sales in the first half reached Rp 56.93 trillion, rose from Rp 49.59 trillion in 1H 2010, revenues from new home installations stood at Rp 510.68 billion, compared to Rp 355.7 billion a year earlier. Revenues from others stood at Rp 262.67 billion, little changed from 1H 2010 at Rp 262.29 billion.

PLN?s expenses in the period increased to Rp 90.57 trillion, from Rp 70.47 trillion. Majority of the expenses were spent for fuel and fuel oil consumption at Rp 58.04 trillion, increased from Rp 41.48 trillion in 1H 2010. The purchase of electricity from private companies reached Rp 13.87 trillion, up from Rp 12.21 trillion. Other expenditures were for maintenance, employees? salaries, depreciation, etc.

PLN also posted net other income of Rp 2.05 trillion, up from Rp 1.3 trillion in H1 2010, on higher foreign exchange gains. (roffie)