Friday 29 Mar 2024
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KUALA LUMPUR (Aug 13): Gas Malaysia Bhd (GMB) said its second-quarter (2Q) net profit fell 8.95% to RM44.62 million, from RM49.01 million a year earlier, due to a lower revenue despite higher margin and finance income, and lower joint venture losses.

Earnings per share for the quarter ended June 30, 2020 dropped to 3.48 sen from 3.82 sen, GMB said in a filing with Bursa Malaysia.

Quarterly revenue declined 11.35% to RM1.54 billion from RM1.74 billion, in line with lower volume of natural gas sold as consumption slowed during the Movement Control Order period, and lower average natural gas tariff, the utility group said.

GMB declared a first interim dividend of RM54.57 million or 4.25 per share, down from 4.8 sen a year ago.

Despite the weak 2Q earnings, GMB's net profit for the cumulative first half of the year climbed 2.56% to RM92.49 million from RM90.18 million previously, on the back of higher margin despite lower volume of gas sold.

GMB did not elaborate on the reason behind the improved margin, which came despite lower volume and lower tariff.

Half-year revenue fell 8.88% to RM3.15 billion, from RM3.45 billion previously. "This was in line with lower volume of natural gas sold and lower average natural gas tariff," the group said.

On prospects, GMB said its customers have resumed full operations since the Recovery Movement Control Order on June 7, which led to improved consumption of natural gas.

Shares in GMB fell seven sen or 2.53% to RM2.70 today, valuing the group at RM3.47 billion.

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