The decline in net profit was caused by a plunge in the volume of gas distributed and an increase in operating expenses, PGAS President Director Hendi Prio Santoso said.Jakarta (ANTARA News) - State gas company PT Perusahaan Gas Negara (PGAS) saw its net profit falling 4.9 percent to Rp5.93 trillion last year from Rp6.23 trillion a year earlier.
The decline in net profit was caused by a plunge in the volume of gas distributed and an increase in operating expenses, PGAS President Director Hendi Prio Santoso said in a press statement released here on Friday.
Throughout last year, income fell to Rp19.57 trillion from Rp19.77 trillion the year before. Meanwhile, operating profit dropped to Rp7.72 trillion from Rp9.03 trillion.
Last year the company recorded the volume of gas sales at its distribution business at 795 mmscfd from 824 mmscfd the year before. The volume of gas distributed at the transmission business rose to 845 mmscfd in 2011 from 836 MMSCFD in 2010.
"The supply of gas fluctuated last year, influenced by the policy to prioritize gas allocations to domestic needs and significant maintenance at the upstream sector that affected the distribution of gas to customers," he said.
PGAS is cooperating with state oil and gas company PT Pertamina in constructing a LNG terminal on the Jakarta Bay with a capacity of 3 million tons per year.
The LNG terminal designed to meet gas needs from power plants and domestic industries is expected to start operating in the second quarter of 2012.
In 2012 the gas company signed a contract for the supply of gas from Terang Sirasun field at Batur, East Java, managed by Kangean Energi Indonesia, Ltd.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2012
