KUALA LUMPUR, Nov 12 — Gas Malaysia Bhd’s net profit for the third quarter ended September 30, 2020 (Q3 2020) increased to RM50.91 million from RM42 million in Q3 2019.

Revenue, however, slipped to RM1.72 billion from RM1.76 billion previously, the group said in a filing with Bursa Malaysia today.

It said the lower revenue was in line with the lower average natural gas tariff, despite a higher sales volume.

Meanwhile, the company attributed the higher net profit to the growth in gross profit, in line with the increase in volume of natural gas sold, coupled with higher gas contribution margin.

However, it noted that the net profit was mitigated by higher overheads and depreciation, being part of cost of sales.

"In addition, higher finance income and share of profit from joint venture companies also contributed to the increase in profit before zakat and taxation,” it added. — Bernama