Profit PGAS down

 PT PGN Tbk (PGAS) recorded revenues of Rp 19.57 trillion last year. The amount is down 1.01% over the previous year which amounted to Rp 19.77 trillion.
Meanwhile, operating profit reached Rp 7.72 trillion, or trimmed down 14.51% from the previous year which reached Rp 9.03 trillion.
In the financial statements diriis Friday (30/3), visible reduction in net income falling revenues triggered PGAS. If at the end of 2010, net income of SOEs was recorded Rp 6.24 trillion at the end of 2011, down about 5.2% to Rp 5.93 trillion.
These changes are influenced by the decrease in distribution volume of distribution as well as an increase in cost of goods and operating expenses. Increase in cost of goods due to rising prices of gas purchase contract extension and a new gas contract. Throughout 2011, the financial performance of PGAS obtained from the gas sales volume in the distribution business for 795 MMSCFD (million standard cubic feet per day).
Meanwhile, fluctuations in the volume of gas from PGN gas supplier during 2011 resulting in decreased volume of the original 824 MMSCFD in 2010. On the other hand, the business of transmission, gas distribution volume increased from 836 MMSCFD in 2010 to 845 MMSCFD in 2011.
Director of PGAS Hendi Prio Santoso admitted, PGN supplies received during 2011 fluctuated. "Relevant policy priorities for the allocation of domestic gas and maintenance activities on the upstream side of gas significantly affects the customer," Hendi said in Jakarta, Friday (30/3).
Furthermore, Hendi said, PGAS and industrial customers in particular continue to strive for the allocation of natural gas provided to the industry through PGAS infrastructure can continue to rise, given a positive impact to drive the national economy.
In the future, PGAS is committed to support the increase of national production and distribution of natural gas to meet domestic gas needs. One of them, there are several stages of negotiations with suppliers that continue to be made, including efforts to obtain economical price at all. The aim is to stimulate an increase in new gas exploration activities in the upstream sector.