Gas Malaysia Bhd’s net profit eases to RM44.62m in Q2

KUALA LUMPUR, Aug 13 — Gas Malaysia Bhd’s net profit fell to RM44.62 million for the second quarter ended June 30, 2020 (Q2 2020) from RM49 million in Q2 2019.

Meanwhile, its revenue also declined by 11.3 per cent year-on-year to RM1.54 billion from RM1.73 billion previously, attributed to lower sales volume of natural gas and lower average natural gas tariff.

In a filing with Bursa Malaysia, the group said the Covid-19 pandemic posed challenges for all industries, including its customers. 

The Malaysian government had implemented the movement control order (MCO) starting March 18, 2020 in a bid to contain the spread of Covid-19.

“As a result, some of the group’s customers have been operating on a reduced capacity, thereby affecting the volume of gas consumed,” it said.

However, consumption had increased following the government’s move to ease the movement restrictions starting June 7.

“The group’s customers have fully resumed their operations, which resulted in higher consumption of natural gas,” it said.

However, the group noted that the pandemic is expected to have impact on its performance for the financial year ending December 31, 2020. — Bernama

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