Net income of the State Electricity Company (PLN) in the first half jumped 15,305 percent in 2013 to Rp 4.77 trillion from the same period the previous year which is only Rp 31 billion.
In a financial report submitted to the Indonesia Stock Exchange on Tuesday (07/30/2013), note that the net profit of state-owned electricity skyrocketing is because the company no longer record foreign exchange translation losses. A year earlier, the company suffered losses of up to Rp 6.74 trillion, and the first half of 2013 the company recorded an exchange gain of Rp 909.45 billion.
The company recorded sales of electricity during the first 6 months of 2013 reached Rp 71.6 trillion. Number rose 15.15 percent from semestar I-2012 amounted to Rp 62.18 trillion.
Meanwhile, the amount of subsidy received from the government at the end of June reached Rp 43.8 trillion, down 8.9 trillion from Rp 48.08 trillion a year earlier. Thus, total revenue reached Rp 116.73 trillion in the first half of 2013, up 4.8 percent year on year.
On the other hand, due to rising liability company, PLN also recorded a rise in interest expense to be paid. In the first half of 2013, the cost of funds to pay the state-owned electricity reached Rp 13.74 trillion, an increase from the first half of 2012, Rp 11.46 trillion.