PGN reports RP3.06 trillion in net profit

PGN reports RP3.06 trillion in net profit

A metering station of PT Perusahaan Gas Negara Tbk (PGN) on Pemping Island, Batam, Riau Islands Province. (ANTARA FOTO/M N Kanwa/aww/2018).

Bandarlampung, Lampung (ANTARA News) - PT Perusahaaan Gas Negara Tbk (PGN) reported net profit at US$218 million in the first nine months of this year.

The consolidated operating profit of the state-owned gas distributor until September, 2018 was US$390 million, its corporate secretary Rachmat Hutama said here on Tuesday.

Rachmat attributed the profit mainly to efficiency, saying "We did efficiency that we could post profit amid the economic slowdown."

In the third quarter, PT PGN recorded US$2.45 billion in income, higher than US$2.17 billion in the same period last year.

The income of the company came from the sales of gas reaching US$1.94 billion and oil US$442 million.

Its earning before interest, tax, depreciation and amortization (ebitda) also increased to US$701 million from US$636 million in the same period last year.

Rachmat said in the period of January-October 2018, PGN distributed 828.98 million cubic feet of gas per day (MMscfd).

He said amid economic slowdown, PGN continues to build its oil and gas infrastructure to increase its coverage of public service in gas distribution.

PGN will be more aggressive in building gas distribution infrastructure, he said, adding in the third quarter of this year gas distribution infrastructure increased in length from 35.75 km to 7,516.70 km at present or equivalent to 80 percent of the downstream gas pipeline in the country.

Gas through the pipelines is distributed to 1,739 industrial subscribers, including power plants, 1,984 commercial subscribers (hotels, restaurants, hospitals) and UMKM and 177,710 households built with investment by PGN.

Rachmat said PHN`s subscribers are located in various areas in North Sumatra, Riau Islands, Riau, South Sumatra, Lampung, Jakarta, West Java, Banten, Central Java, East Java, North Kalimantan and Sorong in West Papua.

Reporting by Agus Wira Sukarta
Editing by A Saragih, Bustanuddin