Petronas Gas Q2 earnings up 19.7%

PETALING JAYA: Petronas Gas Bhd’s earnings rose 19.7% to RM509.3 million in the second quarter (Q2) ended June 30 from RM425.3 million in the previous corresponding quarter in tandem with higher revenue.
Revenue for the quarter grew 15.7% to RM1.36 billion, compared with RM1.17 billion in the same period last year, mainly contributed by the group’s new LNG regasification terminal in Pengerang, Johor which commenced commercial operations in November 2017.
“This was further supported by higher revenue from all segments,” the group said in a filing with Bursa Malaysia.
For the six months period, its net profit increased by 11.7% to RM992.55 million, against RM888.56 million a year ago, while revenue jumped 15.6% to RM2.7 billion, from RM2.34 billion previously.
On its prospects, the group said that its performance is expected to remain stable on the back of its strong and sustainable income streams from existing gas processing, gas transportation and regasification service agreements signed with Petronas.
The group added that its utilities segment will continue to contribute positively to its results, noting that its regasification segment results will benefit from full year contribution of the new LNG Regasification Terminal in Pengerang, Johor.
It has approved a second interim dividend of 16 sen per ordinary share amounting to RM316.6 million in respect of the financial year ending Dec 31.