JAKARTA - PT Perusahaan Gas Negara Tbk (PGAS) generated US$ 67.58 million in net profit in 2019, 77.8% lower than the realisation in 2018 of US$ 304.99 million.
Based on the company's financial statements, in 2019, the company's revenue fell by 0.55% in 2019 from US$ 3.87 billion to US$ 3.84 billion. Operating profit shows a decline of 22.92% from US$ 671.53 million to US$ 546.33 million.
The significant drop in net profit in 2019 can be explained further from expenses outside of the company's operations. For example, the company's financial statements recorded impairment of fixed assets worth US$ 98.3 million and provision for tax dispute worth US$ 127.72 million. The company also showed a 32.75% increase in foreign exchange losses, from US$ 18.83 million loss (2018) to US$ 28 million loss (2019). (ARM/AC/AR)