KUALA LUMPUR, Feb 17 — Petronas Gas Bhd (PetGas) registered a higher profit before tax (PBT) of RM2.354 billion for its financial year ended December 31, 2014 compared to the RM1.896 billion recorded a year ago.

Revenue rose to RM4.391 billion in the year under review from RM3.892 billion.

For the fourth quarter, the oil and gas company’s PBT rose to RM683.170 million, compared to the RM471.402 million achieved in the same quarter of 2013.

Revenue increased to RM1.112 billion from RM1.028 billion, the company said in a filing to Bursa Malaysia today.

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PetGas attributed the hike in the FY14 PBT to higher share of profit after tax from joint ventures following the commissioning of all three blocks of Kimanis Power Plants (KPP) and recognition of deferred tax assets (DTA) arising from investment tax allowance (ITA) granted for KPP, coupled with higher contribution from the regasification and gas transportation segments.

The higher revenue was also due to increase in regasification revenue arising from full-year operation of the Sungai Udang liquefied natural gas (LNG) Regasification Terminal and higher utilities revenues in line with higher offtake by customers and upward revision of electricity tariff effective January 1, 2014, as well as higher gas transportation revenue under the new Gas Transporation Agreement (GTA). 

“However, profit for the year decreased by 11.4 per cent despite the higher PBT due to recognition of DTA amounting to RM626.4 million arising from ITA granted for the LNG Regassification Terminal in Sungai Udang,” said PetGas.

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Going forward, PetGas said the group’s earnings are expected to remain stable given the structure of the new Gas Processing Agreement and GTA which came into effect on April 1, 2014. — Bernama