ID :
58493
Thu, 04/30/2009 - 23:28
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https://www.oananews.org//node/58493
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PT PGN`S CORPORATE EARNINGS UP 62 PERCENT
Jakarta, April 30 (ANTARA) - State gas distributor PT PGN booked Rp4.48 trillion in corporate earnings in the first quarter of 2009, up 62 percent from that of the same period last year.
The company's secretary, M Wahid Sutopo, said here on Thursday the achievement capped a 45 percent rise in the company's corporate earnigns in 2008 from Rp12.79 trillion in the previous year.
He said in 2008 the company's gas sales reached 578 million cubic feet per day (MMSCFD) or rose 37 percent from 2007 and continued to rise to 721 MMSCFD in the first quarter of 2009.
"The rise in the volume of sales is driven by an increase in the capacity of gas use among industrial customers particularly the electricity producing sector," he said.
In the field of transmission business, the volume of gas distribution rose to 758 MMSCFD in 2008 from 736 MMSCFD in 2007 and to 779 MMSCFD in the first quarter of 2009.
Wahid said the rise in corporate earnings was also higher than the income hike.
In 2008 PGN booked Rp4.7 trillion in corporate earnings which was a rise by 51 percent compared to that of 2007 while its earnings before interest, tax, depreciation and amortization (ebitda) rose 56 percent from 2007 to Rp6.4 trillion.
In the first quarter of 2009, he said, the company recorded a profit rise of 78 percent and a rise of 65 percent in ebitda in the first quarter of 2008.
Wahid said as a result of rupiah depreciation in the fourt quarter of 2008 the company booked an exchange rate loss of Rp2.5 trillion.
"However in line with the strengthening tendency of the rupiah in the first quarter of 2009 the exchange rate loss dropped by 33 percent from the same period in the year before to Rp134 billion," he said.
He said in the framework of anticipating transactional obligations on debts in yen denomination, the company had conducted hedging through a swap facility.
"The facility is not based on speculative purposes but on clear transactions," he said.
Wahid said in line with increasing operational performance and stability in exchange rates in the first quarter of 2009, the company booked a net profit of Rp1.2 trillion rising by 114 percent compared to that of the same period of 2008.
He said the company's conditions and operations management had gone well in the current challenging global economic conditions.
"The achievement is the result of hardwork and cooperation as well as support from all stakeholders during 2008 in the midst of the global financial crisis," he said. ***
The company's secretary, M Wahid Sutopo, said here on Thursday the achievement capped a 45 percent rise in the company's corporate earnigns in 2008 from Rp12.79 trillion in the previous year.
He said in 2008 the company's gas sales reached 578 million cubic feet per day (MMSCFD) or rose 37 percent from 2007 and continued to rise to 721 MMSCFD in the first quarter of 2009.
"The rise in the volume of sales is driven by an increase in the capacity of gas use among industrial customers particularly the electricity producing sector," he said.
In the field of transmission business, the volume of gas distribution rose to 758 MMSCFD in 2008 from 736 MMSCFD in 2007 and to 779 MMSCFD in the first quarter of 2009.
Wahid said the rise in corporate earnings was also higher than the income hike.
In 2008 PGN booked Rp4.7 trillion in corporate earnings which was a rise by 51 percent compared to that of 2007 while its earnings before interest, tax, depreciation and amortization (ebitda) rose 56 percent from 2007 to Rp6.4 trillion.
In the first quarter of 2009, he said, the company recorded a profit rise of 78 percent and a rise of 65 percent in ebitda in the first quarter of 2008.
Wahid said as a result of rupiah depreciation in the fourt quarter of 2008 the company booked an exchange rate loss of Rp2.5 trillion.
"However in line with the strengthening tendency of the rupiah in the first quarter of 2009 the exchange rate loss dropped by 33 percent from the same period in the year before to Rp134 billion," he said.
He said in the framework of anticipating transactional obligations on debts in yen denomination, the company had conducted hedging through a swap facility.
"The facility is not based on speculative purposes but on clear transactions," he said.
Wahid said in line with increasing operational performance and stability in exchange rates in the first quarter of 2009, the company booked a net profit of Rp1.2 trillion rising by 114 percent compared to that of the same period of 2008.
He said the company's conditions and operations management had gone well in the current challenging global economic conditions.
"The achievement is the result of hardwork and cooperation as well as support from all stakeholders during 2008 in the midst of the global financial crisis," he said. ***
