Lower Revenues in Indonesia, EWC Profit Falls 19.8%

SYDNEY (Yosefardi) – Energy World Corporation (EWC) Ltd booked net profit of US$16.4 million in the financial year ended June 30, 2013, down by 19.8% from the previous financial year on lower revenues in Indonesia.
The company generated a combined revenues of US$132.9 million in the financial year, down 8.7% from the previous year, mostly due to lower revenues related to 5% reduction in the demand by PT Perusahaan Listrik Negara (PLN).
“The decline is mainly due to additional power generation available to PLN from the Sengkang grid in Indonesia,” EWC said this morning.
A reduction in the gas delivered to PT Energi Sengkang, operator of the power plant in Sulawesi, from 14.5 BBTU to 13.2 BBTU was an impact of lower power demand by PLN.