Gas Malaysia's Q4 net profit up 49%

PETALING JAYA: Gas Malaysia Bhd’s net profit rose 49.22% in the fourth quarter ended Dec 31, 2017 to RM76.98 million from RM51.58 million in the same quarter a year ago, in tandem with the increase in volume of gas sold.
Revenue rose by 40.10% to RM1.05 million from RM1.47 million in the previous year’s corresponding quarter due to higher volume of gas sold and higher natural gas tariff.
“The board anticipates that the yearly increase in gas sales volume and number of customers will sustain for the financial year 2018. The profitability of the group for the financial year ending Dec 31, 2018 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” the group’s board of directors said on the prospects.
The group’s full year net profit rose 17.86% to RM194.63 million from RM165.13 million attributable to the increase in volume of gas sold.
Meanwhile, revenue for the year rose 31.97% to RM5.34 million from RM4.05 million. It announced an interim dividend of four sen for the financial year ended Dec 31, 2017.
The stock gained 0.75% to close at RM2.70 with some 9,600 shares done.