PGN makes net profit of US$96.8 million in first quarter

Jakarta (ANTARA News) – State-owned gas company PT Perusahaan Gas Negara Tbk. (PGN) has made a net profit of Rp1.29 trillion (US$96.8 million) in the first quarter of 2017 despite declining oil prices and rupiah exchange rate fluctuation.

“PGNs performance is improving amidst the current global condition and fluctuation of the rupiah exchange rate,” the companys corporate secretary, Heri Yusup, said in a press release here on Monday.

In the first three months of 2017, PGN booked a net profit of $746 million, up $26 million from the same period of 2016.

“The hike came from an increase in income from oil and gas exploration and production,” he explained.

The companys operational profit in the period was recorded at $155.7 million with the earnings before interest, taxes, depreciation, and amortization (EBITDA) standing at $254 million.

“The net profit of Rp1.29 trillion or $96.8 was based on the rupiah exchange rate of Rp13.348 per US dollar,” he stated.

Heri Yusup noted that from Jan to March 2017, PGN distributed 1,542 million cubic feet (MMSCFD) per day, which was down from 1,643 MMSCFD in the same period of 2016.

Gas distribution was recorded at 816 MMSCFD, up from 797 MMSCFD in the same period of 2016, while gas transmission was recorded at 726 MMSCFD, down from 846 MMSCFD.

He stated that PGN was optimistic that its performance will also improve in line with the governments efforts to boost national economy.

PGN remains committed to develop its gas infrastructure through pipe or non-pipe networks, including for compressed natural gas or liquefied natural gas, to increase their use by the community, he noted.

In the first quarter of 2017, the companys gas pipe network rose by 252 kilometers and at present, it has reached 7,278 kilometers, which was equal to 80 percent of national downstream natural gas pipe network, he remarked.

Through the infrastructure, PGN supplies natural gas to 1,652 big industries and power plants; 1,929 commercial customers such as hotels, restaurants, hospitals, and small and medium businesses, as well as 204 thousand households.

PGNs customers spread from North Sumatra to Riau Islands, Riau, South Sumatra, Lampung, Jakarta, West Java, Banten, Central Java, East Java, North Kalimantan to Papua.

Heri said that PGN has completed a number of projects, including the 42-kilometer-long Muara Karang-Muara Bekasi pipe distribution network, the 37-kilometer-long gas infrastructure networks in West Java, 165-kilometer-long network in East Zjava, and 8 kilometers network in North Sumatra and Batam.

He revealed that PGN was still carrying out the 123-kilometer-long pipe distribution networks in the central section of Sumatra Island, the 5-kilometer sea pipe network, and its facilities for Riau Islands and gas infrastructure networks in West Java and Surabaya (E Java).

In a near future, PGN will distribute natural gas to several flats in Jakarta. “PGN remains committed to build and expand its national gas infrastructure network although its economic condition was not yet improving and the crude oil price in the world was down,” he pointed out.

Source: Antara News