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Indonesia’s PGN revenues up 7% in Q1 2018

JAKARTA (RambuEnergy.com) – Gas distributor PT Perusahaan Gas Negara Tbk (IDX:PGAS) has managed to book positive performance in the first quarter 2018 as shown by its top and bottomline.

In the quarter, the company recorded revenues of US$798 million or equals to Rp10.83 trillion (US$1=Rp13,576), up 7% from the same quarter last year of US$746 million.

Net profit in the quarter reached US$80 million or Rp1.09 trillion, lower than net profit in the same quarter last year of US$96.83 million and US$100.64 million in the first quarter 2016.

PGN Corporate Secretary Rachmat Hutama said the revenues increase was driven by a positive growth in gas distribution business following the increasing number of subscribers or customers.

In the quarter, PGN distributed 836 mmscfd of gas, up 2% from the same quarter 2017.

In the quarter, the company began distributing gas to the Java integrated Industrial and Port Estate (JIIPE) in Gresik, East Java, managed by PT Berkah Kawasan Manyar Sejahtera (BKMS).

The volume of gas distributed through its transmission and distribution pipelines reached 1,565 mmscfd, up from 1542 mmscfd in the same quarter 2017.

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