Gas M’sia posts lower profit

KUALA LUMPUR: Gas Malaysia Bhd’s pre-tax profit for the second quarter ended June 30 fell to RM54.12mil from RM81.99mil recorded in the same quarter of last year.

However, revenue rose to RM524.31mil from RM487.18mil previously.

In a filing with Bursa Malaysia, the company said the increase in natural gas and liquefied petroleum gas revenue was mainly due to a higher volume of gas sold by 2% and an upward revision in natural gas tariff.

“Meanwhile, our pre-tax profit was lower due to margin compression resulting from the revision in gas tariff,” it added.

The board expects the group’s revenue to be better than the previous financial year.

However, it projects profit to be lower due to the full impact of the revised tariff, which was enforced on June 1 last year. — Bernama