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April 1, 2008 |
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PERUSAHAAN GAS: 2007 Net Profit Down 16.9% to IDR1.57 Trillion PT Perusahaan Gas Negara's 2007 net profit decreased 16.9% to IDR1.57 trillion from IDR1.89 trillion a year earlier, as the firm was hit by US$55 million in foreign exchange losses, Reuters relates. According to the report, analysts polled by Reuters Estimates predicted the company to post IDR1.95 trillion net profit. Harry Suhartono of Reuters writes that the fall in the company's net profit came despite the company's sales revenue climbing by 32.7% to IDR8.8 trillion, slightly ahead of analysts estimates of IDR8.74 trillion. About Perusahaan Gas Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk-- http://www.pgn.co.id/ -- is a gas and energy company that is comprised of two core businesses: distribution and transmission. For distribution, PGN signs long-term supply agreements with upstream operators, which give the company scheduled and reliable gas volumes and fixed gas prices. These volumes are subsequently sold to commercial and industrial customers under gas sales agreements. Under these agreements, sales volumes are take-or-pay and the gas pricing is fixed and in US dollar. On the transmission business, PGN ships gas on behalf of the upstream suppliers under a fixed US dollar tariff with ship-or- pay volumes agreements. The company is 59.4% owned by the Government of Indonesia. The Troubled Company Reporter-Asia Pacific reported on Dec. 26, 2007, that Standard & Poor's Ratings Services has raised its corporate credit ratings on PT Perusahaan Gas Negara (Persero) Tbk. to 'BB-' from 'B+'. The outlook on the rating is stable. At the same time, Standard & Poor's has raised the rating on the senior unsecured debt issued by PGN Euro Finance 2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'. On Jan. 18, 2007, Moody's Investors Service affirmed the Ba2 corporate family rating of PT Perusahaan Gas Negara (Persero) Tbk. At the same time, Moody's affirmed the Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed by PGN. The ratings outlook is stable. This affirmation followed the recent announcement of a delay in the South Sumatera West Java gas commercialization. On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency assigned these ratings to PT Perusahaan Gas Negara Tbk: -- Long-term foreign currency Issuer Default Rating 'BB-'; -- Long-term local currency IDR 'BB-'; and -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due 2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN and its subsidiaries 'BB-'. |
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