FY09 core net income ahead of our estimate (7.5%) but in line with consensus: PGAS reported FY09 core net income of Rp5.473 trillion, up 123.5%Y/Y. The result is 7.5% above J.P. Morgan's forecast of Rp5.1 trillion but in line (1.7% below) with the consensus estimate of Rp5.6 trillion. Distribution volume increased from 577MMScfd to 792MMScfd - a steep increase of 37.3%Y/Y. Gas selling prices remained stable (flat at -1.0%) but gas costs declined by 5.9%.
Price increase enacted: Yesterday, the industry association and PGAS reached an agreement on the adjustment of gas selling prices. For industrial customers in West Java Area, the base rate for customers using more than 300,000 m³/month (90-95% of total volume) will be raised from US$5.50/MMbtu to US$6.37/MMbtu. The surcharge rate will be raised from 1.5x the base rate to 3.0x base rate. (Assuming the new base rate is US$6.37/MMbtu, the original surcharge of US$9.555/MMbtu is now US$19.11/MMbtu.) Outside of West Java, the rate will be US$6.36/MMbtu, while the surcharge will be raised from 1.5x the base rate to 2.0x the base rate.
https://mm.jpmorgan.com/servlet/PubServlet?skey=R1BTLTM5MjU4Ny0w&Name=GPS-392587-0.pdf
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