KUALA LUMPUR, May 14 — Gas Malaysia Bhd’s net profit rose 16.3 per cent to RM47.86 million for the first quarter ended March 31, 2020 against RM41.16 million recorded in the same quarter a year ago.
Revenue, however, eased 6.4 per cent to RM1.60 billion from RM1.71 billion previously, due to lower average tariff recorded for the quarter, despite the higher volume of natural gas sold during the quarter.
On current prospects, Gas Malaysia said Covid-19 pandemic since the beginning of 2020 is a challenging situation facing all industries including customers of the group.
The government has announced six phases of movement control order (MCO) between March 18, 2020 and June 9, 2020 in a bid to contain the spread of Covid-19.
However, based on the latest development, some industries have obtained approval from the government to fully resume their operations which will spur the consumption of natural gas.
“The group expects the current situation to have an adverse impact on its results for the financial year ending December 31, 2020.
“Additionally, the group has announced the waiver of gas charges for all government hospitals in the country as well as a rebate of RM100 per customer in the low-cost residential customer category from the month of April to September 2020,” it said.
Nonetheless, it would continue to monitor and take appropriate, timely measures to minimise the financial impact on the group. — Bernama
