KUALA LUMPUR (Aug 19): Gas Malaysia Bhd’s net profit grew 1.94% to RM49.01 million in the second quarter, from RM48.07 million a year earlier, on higher gross profit, coupled with lower operating expenses.

Earnings per share for the quarter ended June 30, 2019 (2QFY19) rose to 3.82 sen from 3.74 sen, the group said in a filing with Bursa Malaysia.

Quarterly revenue was up 15.54% to RM1.74 billion, from RM1.5 billion in the same period last year, due to a higher volume of natural gas sold and higher natural gas tariff, the group said.

Gas Malaysia declared a first interim dividend of 4.8 sen per share, payable on Oct 30.

For the cumulative six-month period ended June 30, 2019 (1HFY19), Gas Malaysia’s net profit rose 2.14% to RM901.18 million from RM88.29 million last year, while revenue increased 17.49% to RM3.45 billion from RM2.94 billion.

The group anticipates the yearly increase in natural gas sale volume and number of customers to sustain in the current year.

The profitability of the group in the year is expected to be “in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it said.

Gas Malaysia’s share price closed three sen or 1.04% lower at RM2.86 today, valuing the group at RM3.67 billion.