Skyrocketing 199.33 Percent, PLN Earns IDR 16.04 Trillion Net Profit In The First Quarter Of 2023

PLN (Photo: Doc. Antara)

JAKARTA - PT Perusahaan Listrik Negara (Persero) (PLN) posted a net profit of IDR 16.04 trillion in the first quarter of 2023. This achievement skyrocketed 199.33 percent year on year (yoy) compared to the first quarter of 2022 of IDR 5.36 trillion.

PLN's increase in net profit was supported by total operating income which reached Rp11.07 trillion in the first quarter of 2023, or an increase of 19.96 percent (yoy) compared to Rp95.92 trillion in the first quarter of 2022, citing Antara.

The company's largest operating revenue was contributed by sales of electricity worth IDR 78.86 trillion, then, from compensation revenue which almost doubled to IDR 18.51 trillion.

Then, contributed from the government's electricity subsidy income of Rp. 15.71 trillion, other income of Rp. 1.69 trillion, and customer connection of Rp. 277.75 billion.

Meanwhile, the company's other operating income consists of telecommunication networks and services worth IDR 598.17 billion, coal sales worth IDR 585.04 billion, maintenance services worth IDR 198 billion, and transformer rentals worth IDR 126.46 billion.

As revenue increases, the company also recorded an increase in operating expenses to IDR 100 trillion in the first quarter of 2023, compared to the previous IDR 84.6 trillion in the first quarter of 2022.

The largest operating expenses were contributed by fuel and lubricants worth Rp36.96 trillion, then the purchase of electricity worth Rp36.59 trillion, and, there was a fixed asset shrinkage of Rp10.54 trillion.

In addition, the company also recorded financial expenses which increased to IDR 5.91 trillion in the first quarter of 2023, and income tax expense to IDR 4.86 trillion.

Until the end of March 2023, this state-owned company (BUMN) recorded liabilities which decreased to Rp638.67 trillion, and equity recorded an increase to Rp1,007.92 trillion.

Thus, the company recorded assets worth IDR 1,646.59 trillion in the first quarter of 2023.