PLN loss surged 24%

PT Perusahaan Listrik Negara (PLN) booked net loss of Rp1.66 trillion in the first quarter 2009, surged 24% from the same period last year due to 36% drop in government subsidies.

PLN, the state-owned electricity provider, reported 4% growth in electricity sales revenue to Rp20.9 trillion even though revenue from industries dropped 9%. Government subsidy declined 36% in the period to Rp9.5 trillion. Fuel cost actually slashed significantly by 28%, mainly due to lower fuel oil prices, while cost for coal skyrocketed by 102%. Other than that, cost of electricity purchase from IPPs also increased 29%. 

PLN reported operating profit of Rp1.3 trillion, but with interest expenses on loans at Rp1.47 trillion and loss in foreign exchange translation of Rp1.3 trillion, PLN then reported net loss of Rp1.2 trillion. But net loss for the computation of basic loss per share amounted to Rp1.66 trillion, increased 24% from Rp1.34 trillion in the same period last year.

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