JAKARTA (Yosefardi) – State oil and gas distributor PT Perusahaan Gas Negara (PGN) Tbk (PGAS) expects a further downturn on revenue in the second half due the expected prolong global economic slowdown.
Hendi Prio Santoso, PGN’s president director, said however the government’s stimulus program would be the turnaround and help the economy to recover and to have positive prospect.
Hendi noted that gas demand by industry sector and power plants segment are significantly declining during the first half of 2015, while demand by household and micro business segment grew.
PGN booked net profit attributable to equity of US$227.34 million in the first half of this year, dropped 38.6% from US$370.05 million in the corresponding period of 2014.
Revenues declined 12.9% to US$1.41 billion from previous US$1.62 billion. Its assets reached US$5.77 billion while liability amounted US$2.93 billion.