JAKARTA - Net profit of PT Perusahaan Gas Negara Tbk (PGAS) in 2019 decreased by 77.84% to US$ 67.58 million. In the previous year, the company's net profit reached US$ 304.99 million.
Based on the company's financial report released on the Indonesia Stock Exchange, PGAS revenue in 2019 was recorded at US$ 3.84 billion, slightly corrected from the previous year of US$ 3.87 billion. The biggest contribution to revenue comes from gas distribution from related parties and third parties.
As revenue grew, the cost of revenue also rose 2.37% to US$ 2.61 billion. Therefore, the company's gross profit in 2019 was recorded at US$ 1.22 billion.
With the increase in the company's expenses in 2019 and the provision of tax disputes of US$ 127.72 million, PGAS net profit in 2019 dropped to US$ 67.58 million. Earnings per share also decreased from US$ 0.013 in 2018 to US$ 0.03 in 2019. (LM)