The state-controlled gas distributor and transmitter PT Perusahaan Gas Negara Tbk (PGN) today reported a slight increase in attributable net profit of 1.56% in the first half of this year.
PGN booked Rp3.26 trillion attributable profit in 1H 2011 from Rp3.21 trillion in 1H 2010. However, operating profit declined 11.18% to Rp4.05 trillion from Rp4.57 trillion.
The decrease was mainly contributed by the decline of distributed gas and higher cost of goods revenue and operating expenses.
The increase of cost of goods revenue was a result of a price increase of gas purchase from contract extension and new contracts.
In the gas transmission business, PGN transmitted 846 MMscfd in 1H 2011 and distributed 782 MMscfd to house holds, commercial, industrial players, and power plants. PGN booked a slight decrease of 1.16% in revenue to Rp9.41 trillion from Rp9.52 trillion.
Disclosure: No position at the stock mentioned above.
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