Exchange rate profit lifts up PGN gain

The state-run gas company (PGN) recorded IDR4.4 trillion net profit per September 2009 or jumped 145 percent from last year following the gas sales hike and rupiah appreciation.
PGN revenue here stands at IDR13.5 trillion or rose 50 percent from September last year.
President Director of PGN Hendi Prio Santoso said the achievement of the performance is particularly supported by the soaring gas sales volume this year of 776 MMscfd or rose 37 percent from last year.
"This is resulted from the growing gas distribution to the power plant, industry, commercial, and household," he said in official statement yesterday.
The gas distribution volume also grew 2 percent into 763 MMScfd in the first nine months this year as from 747 MMscfd last year.
Per 28 September 2009, PGN distributed gas to the gas steam-based power plant (PLTGU) Tanjung Priok worth 30 billion British thermal unit (Btu) per day.
Upon the accomplishment of SSWJ project August last year, PGN now operates more than 5,600 kilometers transmission and distribution pipeline networks in West Java, East Java, North Sumatra, South Sumatra, and Batam. The networks are for distributing more than 1,500 MMscfd nationwide.
To meet the rising domestic gas demand, PGN management plans to build LNG receiver terminal in some locations.
In line with the growing trend of rupiah appreciation against US dollar and Japanese Yen in the fist nine month this year, PGN booked net exchange rate spread gain worth IDR911 billion which is dominated by the translation exchange rate spread gain.
"The translation exchange rate spread gain is non cash and booked under the PSAK 10 regulation due particularly to the long term loan in foreign currency. The financial statement of PGN is presented in rupiah," said Hendi.
PGN last year suffered from IDR148.15 billion losses of exchange rate spread. Thus the position of exchanger rate spread rose 714.92 percent.