Gas Malaysia 3Q profit jumps 16.5% to RM53.8m on higher sales volume, tariff

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KUALA LUMPUR (Nov 12): Gas Malaysia Bhd's net profit jumped 16.5% to RM53.8 million in the third quarter ended Sept 30, 2014 (3QFY14) from RM46.2 million in 3QFY13, due to higher volume of gas sold and the upward revision of natural gas tariff.

Revenue for the quarter also grew significantly, up 25.8% to RM734.4 million from RM583.7 million in 3QFY13, the natural gas distributor's filing to Bursa Malaysia today showed.
 
For its nine-month period (9MFY14), net profit rose 9.9% to RM144.3 million from RM131.3 million a year ago, while revenue climbed 16.3% to RM1.99 billion from RM1.71 billion in the same period, due also to higher volume of gas sold and the higher natural gas tariff.
 
On current prospects, Gas Malaysia anticipates the increase in gas volume and number of customers to sustain in the remaining quarter of the current financial year.
 
Gas Malaysia ended the day 1 sen or 0.3% higher at RM3.50, translating to a market capitalisation of RM4.49 billion.