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

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.