A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur, Malaysia February 10, 2016. REUTERS/Olivia Harris/File Photo
KUALA LUMPUR: Petronas Gas Bhd’s (PetGas) pre-tax profit for the third quarter ended Sept 30, 2016, rose to RM546.29mil from RM415.49mil posted in the same period last year.
PetGas attributed the higher profit before taxation to unrealised forex loss on US dollar finance lease liabilities totalling RM167.5mil incurred in the corresponding quarter.
In a statement to Bursa Malaysia, the group said revenue increased to RM1.15bil from RM1.13bil previously, driven by higher utilities earnings in line with the upward fuel gas price revision effective Jan 1, 2016 and July 1, 2016 respectively, as well as higher performance-based structure income.
“Given the strong and stable income from existing gas processing agreement, gas transportation agreements and regasification service agreement signed with Petronas, the group’s performance is expected to remain steady in 2016 amid the challenging economic environment,” it added. - Bernama
* See also PetChem Q3 net profit at RM891mil.
