PT Perusahaan Gas Negara Tbk (PGN) potentially to book foreign exchange losses due to the hedging transaction. The rebound US dollar exchange rate has raised potential losses to PGN. Formerly two state enterprises PT Elnusa Tbk and PT Aneka Tambang Tbk admitted to have potential losses in derivative transaction.
As per 30 September PGN set the exchange rate was IDR9,378 per US dollar, IDR88.53 per Japan yen, and IDR6,594 per Singapore dollar.
PGN have hedging of US dollar to the one third of the total debts in yen denomination. As from September 2008 financial report, PGN debt in yen stood at 42.79 billion yen. Thus, the hedging yen in US dollar stood at 14.12 billion yen.
PGN is the state gas distributor whose most income are in US dollar. Up to quarter III/2008, the company revenue stood at IDr9.02 trillion and net profit IDR2.04 trillion.
Wednesday, January 28, 2009
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