JAKARTA. PT Perusahaan Gas Negara Tbk (PGN) recorded a very sharp decline in its net profit (69.87%) in the first semester (1H) of 2019, from US$ 179.38 million recorded in 1H 2018 to US$ 54.04 million. This was in line with the decline in the company's revenue, which fell by 6.67% from US$ 1.91 billion to USS 1.78 billion.
As quoted from the company's financial statements on the Indonesia Stock Exchange (IDX), the decline in revenue was triggered mainly by the decline in oil and gas sales to third parties, which fell by 14.27% from US$ 247.99 million to US$ 108.89 million. The company's gas distribution to third parties also dropped by 6.68% from US$ 974.49 million to US$ 909.31 million.
Secretary of PGN, Rachmat Hutama, added that the company also recorded non-cash expenses, one of which was exchange differences, which affected financial performance. Foreign exchange losses rose by 72% from US$ 19.8 million to US$ 34.07 million. The company also recorded a 16.47% increase in its financial expenses from US$ 76.41 million to US$ 89 million.
"In the midst of very dynamic domestic and global business challenges, the company is able to increase its natural gas market share by increasing the number of customers and expanding infrastructure as a gas sub-holding," he said in an official statement on Tuesday (20/8). (AM/AR)