Jakarta: PT Perusahaan Gas Negara Tbk (PGN) in the third quarter of 2019 posted a net profit of USD129.1 million. It dropped by 47.16 percent from last year’s figure of USD244.33 million.
According to the company's financial statement quoted by Medcom.id on Monday, October 28, 2019, the decline in net revenues and the increase in the company's expenses battered PGN's net profit.
The company's net revenues edged down 2.68 percent from USD2.88 billion to USD2.81 billion. The company's larget revenues came from gas distribution revenues which reached USD2.18 billion. The revenues from oil and gas sales were recorded at USD292.08 million. The revenues from gas transmission activities were USD181.13 million. Meanwhile, the revenues from gas processing activities wwere USD80.93 million.
Moreover, the majority of natural gas distribution revenues were obtained from industrial customers with USD2.17 billion, households with USD3.32 million, Gas Stations (SPBG) with USD1.46 million, and the commercial sector with USD733.65 thousand.
"Net revenues from customers that exceeded 10 percent of the total consolidated net revenues is revenues from PT State Electricity Company (PLN) which reached USD382.69 million or 14 percent of total revenue for the third quarter of 2019," the company's management said.
Meanwhile, the company's cost of revenue recorded an increase of 0.4 percent from USD1,91 billion to USD1, 92 billion, while the costs of distribution and transmission fell from USD329.56 million to USD294.85 million.
Furthermore, general and administrative expenses rose from USD180.42 million to USD192.22 million, while financial expenses rose from USD110.62 million to USD127.12 million.
The total assets of the company were recorded at USD7.32 billion.