Gas Malaysia Q3 net profit up on higher natural gas volume, tariff

KUALA LUMPUR, Nov 14 — Gas Malaysia Bhd’s net profit rose to RM46.48 million in the third quarter ended Sept 30, 2019 (Q3) from RM41.42 million recorded in the same quarter last year.

Revenue surged 12.8 per cent to RM1.76 billion from RM1.56 billion previously on the back of higher volume of natural gas sold and higher natural gas tariff, the group said in a filing to Bursa Malaysia today.

For the first nine-month period, its net profit increased by 7.22 per cent to RM138.8 million from RM129.46 million in the same period in 2018, while revenue rose 15.9 per cent to RM5.21 billion from RM4.49 billion previously.

Going forward, the group said the yearly increase in natural gas sale volume and the number of customers were expected to sustain for the 2019 financial year.

“The profitability of the group for the financial year ending Dec 31, 2019 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it added. — Bernama

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