Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on May 18, 2018

KUALA LUMPUR: Petronas Gas Bhd's (PetGas) net profit rose 4.3% to RM483.22 million in the first quarter ended March 31, 2018 (1QFY18) from RM463.24 million a year ago, on higher revenue.

In a bourse filing yesterday, PetGas said this was negated by lower share of profit from a joint venture company and higher finance cost as a result of discontinued capitalisation of interest expense following operationalisation of the group’s new liquefied natural gas (LNG) regasification terminal in Pengerang, Johor.

The group's earnings per share for 1QFY18 was higher at 24.42 sen compared with 23.41 sen for 1QFY17.

Its quarterly revenue increased 15.5% to RM1.35 billion from RM1.17 billion, mainly contributed by its new LNG regasification terminal, which had commenced commercial operations in November last year. This was further supported by higher revenue from all segments.

On prospects, PetGas said the Energy Commission (EC) has confirmed that the current tariffs for the group’s gas transportation and regasification services will be maintained until end of 2018.

“The group is in continuous discussion with the EC to finalise the tariff guidelines for gas transportation and regasification services beyond 2018,” it noted.

 

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