JAKARTA - PT Perusahaan Gas Negara (Persero) Tbk (PGAS) posted a 26.26% net profit drop to US$47.77 million in the first quarter (Q1) of 2020 due to sharp currency losses.
In Q1, the rupiah exchange rate was corrected by up to 17.13%. In addition, the company's gas distribution volume has also been suffering due to lower manufacturing activities amid the coronavirus (COVID-19) pandemic.
In the period the company posted US$873.8 million in revenue, consisting of US$693.4 million in gas sales, US$76 million in oil and gas sales, US$70.4 million in gas and oil transmission, and US$33.8 million in other operating revenues.
From January to March 2020, the company distributed 882 bbtud of natural gas, up from 880 bbtud in the same period last year. The company predicts that its cost of goods sold will also drop in line with the Minister of Energy and Mineral Resources' Decree No. 89K/10/MEMR/2020 which states that the company's gas procurement cost from upstream producers to seven industrial sectors will drop to US$4-5 per mmbtu. (ARM/MS)