KUALA LUMPUR (Nov 14): Gas Malaysia Bhd’s net profit rose 22.1% to RM41.03 million for the third quarter ended Sept 30, 2018, from RM33.61 million a year ago, on higher volume of natural gas sold and higher income arising from asset contribution from customers.

Earnings per share (EPS) increased to 3.2 sen, from 2.62 sen previously, the group said in a filing with Bursa Malaysia.

Quarterly revenue grew 11.8% to RM1.56 billion, from RM1.39 billion previously.

For the nine months ended Sept 30, 2018, Gas Malaysia reported a net profit of RM129.31 million, or 29.6% higher than RM99.79 million in previous corresponding period.

EPS for the nine months rose to 10.07 sen from 7.77 sen previously.

Revenue increased 16.4% to RM4.49 billion from RM3.86 billion.

Moving forward, Gas Malaysia anticipates that the yearly increase in natural gas sale volume and number of customers will sustain for FY18.

"The profitability of the group for FY18 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework," it said.

Gas Malaysia share price gained four sen or 1.43% to RM2.83, giving it a market capitalisation of RM3.63 billion.