JAKARTA (Yosefardi) – State gas producer, transmission, and distribution company PT Perusahaan Gas Negara (PGN) Tbk (PGAS) booked net profit of US$182.96 million in first quarter of this year, dropped 30% from US$260.02 million in the same period of last year.
Net revenues grew by 15% to US$841.63 million from previous US$731.06 million. But cost of revenues also rose 35% to US$502.2 million from earlier US$371.67 million.
Revenues from gas distribution totaled US$722.8 million, a 5.9% rise compared to US$682.38 million in first quarter of 2013.
Oil and gas sales reached US$67.2 million and revenues from gas transmission was US$45.8 million.
PGN’s assets increased 22.8% to US$5.36 billion while liability jumped 77% to US$2.89 billion. The company has cash and cash equivalent of US$1.17 billion.