Friday 29 Mar 2024
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KUALA LUMPUR: Petronas Gas Bhd (PetGas) saw its net profit for the second financial quarter ended June 30, 2015 (2QFY15) surge 88% to RM818.05 million or 41.34 sen per share, from RM435.26 million or 22 sen last year, on lower tax expenses.

The natural gas supplier declared a second interim dividend of 14 sen for FY15, payable on Sept 11. It declared a 20 sen dividend for the last corresponding period. Year to date, the group has declared a total dividend of 28 sen (first half of FY14: 20 sen).

In a filing with Bursa Malaysia yesterday, PetGas said its net profit for the quarter rose by RM382.5 million due to recognition of deferred tax assets (DTA) arising from investment tax allowance granted for plant rejuvenation and revamp.

“Excluding the impact of DTA, profit for [the] quarter decreased by RM24.9 million or 5.7%,” it added.

Quarterly revenue dropped 1.82% to RM1.08 billion from RM1.1 billion last year, due to lower utilities revenue resulting from the electricity tariff rebate. For the cumulative six months (1HFY15), PetGas’ net profit was RM1.27 billion or 64.08 sen per share, about 49% higher from RM853.27 million or 43.12 sen per share for 1HFY14, due to the same reason. Excluding the DTA and foreign exchange impact, net profit rose RM95.7 million or 11.5% year-on-year (y-o-y). Revenue for the six months grew 1.4% y-o-y to RM2.18 billion from RM2.15 billion.

PetGas expects its gas processing, gas transportation and regasification segments to remain stable in 2015.

In a separate filing, PetGas announced the appointment of Tan Sri Shamsul Azhar Abbas as its non-executive chairman with effect from Sept 1.

 

This article first appeared in digitaledge Daily, on August 5, 2015.

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