Gas Malaysia Q2 net profit up marginally on increase in gas sales volume

PETALING JAYA: Gas Malaysia Bhd's net profit for the second quarter ended June 30, 2017 rose 1.2% to RM39.46 million from RM38.97 million a year ago, mainly due to higher gross profit in line with the increase in volume of gas sold.

Its revenue jumped 32.2% to RM1.29 billion compared with RM973.79 billion in the previous year's corresponding quarter, mainly due to higher volume of gas sold, upward revision of natural gas tariff and higher tolling fees.

For the six month period, Gas Malaysia's net profit increased 4% to RM73.20 million from RM70.35 million a year ago, while revenue surged 28% to RM2.47 billion from RM1.94 billion.

The group said the growth in revenue for the financial period ended June 30, 2017 was primarily driven by the increase in volume of gas sold and revisions in gas tariff.

"The board anticipates that the yearly increase in gas sales volume and number of customers to sustain for financial year 2017. The profitability of the group for the financial year ending Dec 31, 2017 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework," Gas Malaysia said.