JAKARTA (Yosefardi) – New chief executive officer (CEO) of state electricity firm PT Perusahaan Listrik Negara (PLN), Sofyan Basir, will focus on cost efficiency for PLN as its loan to equity ratio has surpassed 250%.
As at September 2014, PLN’s liability totaled Rp471.6 trillion while equity reached Rp150.2 trillion.
While PLN needs capital expenditure (capex) of Rp50 trillion per year, of which half of capex is funded by loan.
Sofyan said his management will also focus to boost the revenue of PLN. PLN booked operating revenue of Rp218.67 trillion in the first nine months of 2014, grew by 18% from Rp184.66 trillion in the same period of 2013.
PLN booked net profit of Rp15.2 trillion for the period, against loss of Rp21.43 trillion a previous year. Its assets totaled Rp604 trillion in 2013.