May 2, 2011

PGN reports 18.64% rise in 1Q profit

Indonesia's largest gas distributor and transmitter PT Perusahaan Gas Negara Tbk (PGN) announced a 18.64% increase in net profit for the first 3 months of this year as a result of higher revenue.
PGN recorded Rp2.10 trillion net profit in 1Q 2011 from Rp1.77 trillion a year earlier. Operating profit increased 7.58% to Rp2.27 trillion from Rp2.11 trillion.
PGN booked Rp4.74 trillion revenue, a 5.57% increase from Rp4.49 trillion. Gas distribution remained the largest contributor for the company's consolidated revenue of Rp4.31 trillion from Rp4.09 trillion.
Gas transmission's revenue grew to Rp409 billion from Rp386 billion and fiber optic fee rose to Rp21 billion from Rp5 billion.
Disclosure: No position at the stock mentioned above.

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