PGN’s 2015 net profit drops by 43.6% on lower revenues

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JAKARTA (rambuenergy.com) – National gas distributor PT Perusahaan Gas Negara Tbk (IDX:PGAS) posted net profit of US$401.20 million in 2015, dropped by 43.59 percent form US$711.18 million in previous year.

“Although the company encountered various challenges last year, PGN managed to post net profit, aided by efficiency measures undertaken by the company,” PGN President Director Hendi Prio Santoso said in a statement.

The decline was mainly attributable to lower income from gas distribution business in line with lower gas consumption from industries as well as PLN.

Revenues were at US$3.07 billion, compared to US$3.25 billion in previous year. Revenues contribution from transmission, oil and gas as well as distribution businesses were lower than in previous year.

In 2016, PGN expects gas consumption would bounce back in line with expected higher GDP growth of 5.3 percent set by the government from below 5 percent last year.
Profit and Loss statement highlights:
– Revenues (2015) : US$3.07 billion vs US$3.25 billion
– COGS : US$2.11 billion vs US$1.97 billion
– Gross Profit : US$963.11 million vs US$1.29 billion
– Operating Profit: US$565.49 million vs US$895.01 million
– Pre-tax profit : US$443.13 million vs US$928.17 million
– Net Profit : US$402.76 million vs US$711.02 million
– Net profit attributable to parent entity : US$401.20 million vs US$711.18 million

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