State-run electric company PT Perusahaan Listrik Negara (PLN) is not going to pay out dividends to the government as it suffered a huge net loss last year.
“This is because of [rupiah against US dollar] rate changes,” PLN president director Nur Pamudji said at the Economic Coordinating Ministry office in Jakarta on Friday as quoted by kompas.com.
Nur said that he had reported the dividend issue to the central government.
PLN suffered a Rp 29.4 trillion (US$2.52 billion) net loss last year due to the weak rupiah, thus increasing the firm’s power purchasing price. Actually its just commercial accounting loss, not the cashflow. PLN still have debt from abroad debtor such as JCA, JCIB, ADB, AFD and others. With rupiah running weak on and on, the company difficult to gain the revenue. But, PLN commits to increase electric supplies to covers electricity demands.
Queted from merdeka.com, PLN still have long terms loan for about 220 trillion rupiah.