KUALA LUMPUR (Nov 9): Gas Malaysia Bhd's net profit inched up 2.91% to RM44.46 million for the third quarter ended Sept 20, 2017 (3QFY17) from RM43.2 million in the same quarter last year, in line with the increase in volume of gas sold and higher assets contributed by customers.

According to its filing to Bursa Malaysia today, quarterly revenue stood at RM1.4 billion, up 31.4% from RM1.07 billion recorded in 3QFY16, mainly due to the aforementioned higher volume of gas sold as well as higher natural gas tariff.

For the cumulative nine-month period ended June 30, 2017, Gas Malaysia's net profit rose marginally by 3.6% to RM117.66 million from RM113.55 million in the corresponding period in 2016, mainly due to higher gross profit.

In the same period, revenue expanded by 29.1% to RM3.88 billion from RM3 billion a year ago.

The revenue contribution from its natural gas and liquefied petroleum gas (LPG) segment stood at RM3.88 billion for the first three quarters in 2017, compared to RM3 billion in the same period last year.

"The board anticipates that the yearly increase in gas sales volume and number of customers will sustain for the financial year 2017," it said in the filing.

"The profitability of the group for the financial year ending Dec 31, 2017 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework," it added.

At market close today, Gas Malaysia shares were up 1 sen or 0.36% at RM2.76 for a market capitalisation of RM3.544 billion.