Feb 7, 2011

PGN ready to distribute 50% dividend

The state-owned gas distributor PT Perusahaan Gas Negara (Persero) Tbk (PGN) is ready to distribute dividend up to 50% of the total net profit during 2010.
Meanwhile, the revenues of the company in 2010 is predicted to reach US$1.96 billion or Rp17.8 trillion based on the calculation of sales price and gas distribution volume.
President Director of PGN Hendi P. Santoso said, as quoted by Bisnis Indonesia daily, that the company prepares to distribute dividend as has been done previously. The amount will consider the interim that have been paid in fiscal year 2010 amounted Rp247.24 billion.
“Historically, we will distribute interim dividend of 50%. For fiscal year 2010, we will also give dividend with the similar ratio,” he said, last week.
Hendi also said that the government has returned gas supply from Conoco Philip to the company, thus PGN is able to raise the dividend to Rp1 trillion in next year. Currently, the gas supply will be diverted by the government to Chevron in order to reach the lifting target of oil and gas.
Disclosure: No position at the stock mentioned above.  

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