PLN net profit plunges 80.7% driven by soaring operating expenses
![](https://photos.idnfinancials.com/d/1600x900/_NEW/pln%20sulbar.jpg&nc)
JAKARTA. Perusahaan Listrik Negara (Persero) or PLN, posted a net profit of IDR 4.99 trillion in the first semester (1H) 2024, down 80.7% year-on-year (yoy) or from the same period last year.
In fact, from the top-line side, PLN's business revenue grew positively by 11.7% to IDR 262.06 trillion in 1H 2024. In the same period last year, PLN's business revenue was recorded at IDR 234.52 trillion.
According to the financial report submitted, the decline in PLN's net profit is suspected to be due to high operating expenses in 1H 2024, which reached IDR 233.56 trillion. Meanwhile, in the same semester last year, PLN's operating expenses were only IDR 202.23 trillion.
Apart from that, PLN also posted an exchange rate loss of IDR 12.11 trillion in 1H 2024. This is different from the same semester last year, where the company posted a profit from the exchange rate difference of IDR 11.24 trillion.
As of June 30 2024, PLN's total assets were recorded at IDR 1,691 trillion. Meanwhile, total equity was recorded at IDR 1,017 trillion. (KR/LM)