Shares of state-owned gas distributor Perusahaan Gas Negara (PGAS) booked net profit of US$47.8 million in the first quarter (Q1) of 2020, declined 26.6% from US$65.1 million in the corresponding period of 2019, mainly due to the expanded loss of foreign exchange (forex) transaction. Revenue only declined 0.3% year on year (y/y) to US$873.8 million. Operating profit rose 6% y/y to US$172.19 million. But forex loss expanded to US$63.2 million from US$23.2 million in Q1 last year.
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