Wednesday, 17 July 2019 | 17:23 WIB

PGN’s Net Profit Sinks 24.14% in 2016

illustration: PGN (nfnewseconomy)

JAKARTA, NETRALNEWS.COM – State-owned gas company Perusahaan Gas Negara (PGAS.JK) or PGN recorded a decline in net profit by 24.14% to $304.32 million in 2016, compared to $401.19 million in the previous year.

PGN corporate secretary, Heri Yusup said the company still obtained a good performance throughout 2016 amid the significant decrease of oil prices as well as the exchange rate fluctuations.

"We did everything necessary to make a profit amid the current economic slowdown," he said in a press release on Friday (3/17).

He explained that throughout 2016, PGN recorded net income of $2.935 billion. Meanwhile, operating profit in 2016 amounted to $444 million, while EBITDA in 2016 reached $807 million. While net profit touched $304 million, or IDR4.04 trillion (the average exchange rate in 2016 amounted to IDR13,308 per dollar).

Throughout 2016, PGN distribute natural gas of 1,599 million standard cubic feet per day (MMSCFD), or an increase from 1,591 MMSCFD in the same period the previous year.

Gas distribution volume in 2016 rose to 803 MMSCFD, and natural gas transmission or transport volume was 796 MMSCFD higher than 789 MMSCFD in the same period in 2015.

Heri said that, in line with government efforts to boost the national economy, PGN also optimistic that the company's performance will be better. Despite slowing economic conditions, PGN continue to develop natural gas infrastructure to expand the use of natural gas for the population.

"PGN will be more aggressively building a national natural gas infrastructure to enhance the utilization of national gas production," he concluded. (*)