Gas distributor PT Perusahaan Gas Negara (PGN) saw its net profit fall 87.6 percent year-on-year (yoy) to US$6.72 million in the first half of the year as a result of weak energy demand and government gas incentives. The publicly listed company’s revenue fell by 17.9 percent yoy to $1.47 billion in the January-June period, dropping more sharply than its expenses, which declined by 16.7 percent yoy to $1.01 billion following operational cuts.
