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INDONESIAN GAS CO PT PGN'S CORPORATE EARNINGS UP 62%.(Financial report)
JAKARTA, May 1 Asia pulse - Indonesian state gas distributor PT PGN (JSX:PGAS) booked Rp4.48 trillion (US$425.6 million) in corporate earnings in the first quarter of 2009, up 62 per cent from that of the same period last year.
Company secretary M Wahid Sutopo said on Thursday the achievement capped a 45 per cent rise in the company`s corporate earnings in 2008 from Rp12.79 trillion in the previous year.
He said in 2008 the PGN`s gas sales reached 578 million cubic feet per day (MMSCFD) or rose 37 per cent from 2007 and continued to rise to 721 MMSCFD in the first quarter of 2009.
"The rise in the volume of sales is driven by an increase in the capacity of gas use among industrial customers particularly the electricity producing sector," he said.
In the field of transmission business, the volume of gas distribution rose to 758 MMSCFD in 2008 from 736 MMSCFD in 2007 and to 779 MMSCFD in the first quarter of 2009.
The rise in corporate earnings was also higher than the income hike.
In 2008 PGN booked Rp4.7 trillion in corporate earnings which was a rise by 51 per cent compared to that of 2007 while its earnings before interest, tax, depreciation and amortization (ebitda) rose 56 per cent from 2007 to Rp6.4 trillion.
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Source: HighBeam Research, INDONESIAN GAS CO PT PGN'S CORPORATE EARNINGS UP 62%.(Financial...