In the first semester of 2018, PGN posted a net profit of US $ 145.94 million

By : Hariyanto And Aldo Bella Putra | Wednesday, August 22 2018 - 22:00 IWST

INDUSTRY.co.id - Jakarta - Natural gas distribution and infrastructure company, PT Perusahaan Gas Negara Tbk (PGN) posted a net profit of US $ 145.94 million in the first half of 2018, surging 190.21% compared to the same period of 2017 of US $ 50.28 million.

The increase in net profit was driven by an increase in revenue of 14.98% to US $ 1.62 billion compared to the first semester of 2017 of US $ 1.41 billion.

As well as the success of suppressing administrative and general expenses, financial burdens and no longer recording a decline in the value of oil and gas properties which in the first semester of 2017 amounted to US $ 16.72 million.

Based on the company's financial report released Tuesday (08/21/2018), PGN's revenue came mostly from the gas distribution segment, both to related parties and third parties, which reached US $ 1.26 billion in the first six months of 2018, compared to the same period of the year Then US $ 1.16 billion.

In addition, the sale of oil and gas from its subsidiary, PT Saka Energi Indonesia helped boost PGN's revenue. Oil and gas sales were recorded at US $ 307.77 million, up from US $ 212.22 million in the first half of 2017.

PGN also recorded revenue from the gas transmission segment, optical fiber leases, financial income from finance leases and others.

PT PLN (Persero) and government-related entities were recorded as the main contributors to PGN's revenues, namely 23.14% and 17% of total revenue, respectively.

Along with the increase in revenue, PGN's main expenses rose 12.2% to US $ 1.15 billion compared to the six-month period of 2017 of US $ 1.03 billion.

With an increase in cost of goods that was lower than revenue, PGN managed to record a 22.54% increase in gross profit to US $ 464.13 million in the first half of 2018 compared to the same period last year of US $ 378.76 million.

News Comment

Today's Industry

Business Email Compromise (BEC)

Kamis, 04 Juni 2020 - 15:30 WIB

Driving The Cyber Crime Pandemic

Business Email Compromise (BEC) attacks typically began with hacking or spoofing email accounts of CEOs or CFOs of businesses, and then requesting fund transfers to accounts controlled by the…

Paul Martinkovic, JERDE Chief Executive Officer, Named One of Los Angeles’ Most Influential People by the LA Business Journal

Rabu, 03 Juni 2020 - 15:30 WIB

JERDE CEO Paul Martinkovic Named One of Los Angeles’ Most Influential People by the LA Business Journal

Paul Martinkovic, Chief Executive Officer of JERDE (The Jerde Partnership), an iconic and internationally renowned architecture and urban planning studio headquartered in Downtown Los Angeles,…

Reaching US$100 Million in lifetime bounties

Rabu, 03 Juni 2020 - 12:30 WIB

Thanks for Being Part of The Journey to US$100 Million in Bounties

Reaching US$100 Million in lifetime bounties paid reminded us of how much we appreciate everyone who has decided to join us on this journey — hackers, coworkers, customers, investors, and…

Major Version Update of its Advanced CAD/CAM Nesting Software

Selasa, 02 Juni 2020 - 17:45 WIB

Hypertherm Announces Release of ProNest 2021

Hypertherm, a U.S. based manufacturer of industrial cutting systems and software, today announced the release of ProNest 2021, a major version update of its advanced CAD/CAM nesting software…

Synopsys Software

Senin, 01 Juni 2020 - 12:00 WIB

Drop The Knife and Back Away from The AppSec Budget

These days, the digital version of water purification is software security testing. Software powers the applications that interact with your internal assets and your customers’ personal and…