PetGas shares down 4pc after strong rebound

Workers arrange refilled Petronas gas cylinders at a shop in Ampang, Kuala Lumpur. Picture released  March 1, 2016. ― AFP pic
Workers arrange refilled Petronas gas cylinders at a shop in Ampang, Kuala Lumpur. Picture released March 1, 2016. ― AFP pic

KUALA LUMPUR, Dec 1 — Petronas Gas Bhd's (PetGas) shares dropped 4.5 per cent today after skyrocketing 8.0 per cent yesterday.

The shares stood lower at RM16.72 on Friday and jumped RM1.44 to RM18.16 yesterday.

At 12.05 am today, the shares declined 4.0 per cent or 70 sen to RM17.46 to lead Bursa Malaysia's top losers.

PetGas recently announced a net profit of RM591.01 million, about 40 per cent higher in the third quarter ended Sept 30, 2020 compared to RM431.59 million a year ago on higher unrealised foreign exchange gain.

Its revenue grew to RM1.41 billion from RM1.34 billion a year ago despite Covid-19.

PetGas believes the Covid-19 pandemic is not expected to significantly impact the group’s overall earnings as its business model and long-term contracts ensures steady revenue streams, particularly for gas processing, gas transportation and regasification business segments.

In contrast, Petronas Chemicals and Petronas Dagangan rose 58 sen and 16 sen to RM7 and RM20.80, respectively. — Bernama

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