PT Perusahaan Gas Negara Tbk (PGN) stock price closed down 0.62 percent to Rp 1,605 per share on Monday's (September 25th) first trading session, down from Rp 1,610 at the end of last week. As a result, the stock price of this issuer, with the trading code PGAS, has fallen 24.29 percent this month and has also shrunk 46.68 percent from its highest closing price on February 6th at Rp 3,010.
The fall in the stock price of the state-owned gas distributor was triggered by poor financial performance in the first half of 2017. Based on the financial report published as of June 2017, PGN's profit in the first half of the year decreased by 65.8 percent to US$ 52.95 million compared to the same period last year, which was US$ 154.8 million.
The decline in profit for the state-owned company was caused by a 1.96 percent decrease in sales to US$ 1.41 billion from US$ 1.43 billion. Meanwhile, its cost of goods sold increased by 3.94 percent to US$ 1.03 billion from US$ 993.12 million. Furthermore, its assets also decreased by 12.47 percent to US$ 3.21 billion from US$ 3.66 billion.
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