In the third quarter (3Q) of this year, PLN recorded a fantastic loss Rp18.4 trillion due to the exchange rate loss which reached Rp17.3 trillion. In the 3Q of last year the company was still able to print a net profit of Rp3.05 trillion.
Actually PLN’s revenue is still growing positively, rose 6.97 percent to Rp200.9 trillion from last year Rp187.8 trillion. But the foreign exchange loss and higher operating expenses making the company recorded huge losses.
Sudarto did not provide a clear reason why the company’s exchange rate loss could be that large. He only promised to maintain the financial condition of the company and try to maintain the growth of electricity consumption.
In the same period, the state-owned company recorded operating costs Rp224 trillion, whereas the same period of last year were only Rp200 trillion. The increased operating expenses were due to the increase in fuel and lubricant costs which were originally Rp85 trillion in the 3Q of last year to Rp101.8 trillion in this year.
Meanwhile, PLN’s Director for Corporate Planning, Syofvie Rukman added that the electricity consumption growth in 3Q only grew above six percent, far from the target set in the 2017-2018 plan grow 8.3 percent. She did not specify why consumption growth could not reach the target.
This consumption growth, said her, will be very closely related to the shift in the Commissioning Operating Development schedule of the 35 GW power plant project. She said, if the consumption did not grow well then this would certainly affect PLN’s ability to develop a power plant project.
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