Regasification revenue boosts PetGas Q4 net profit

KUALA LUMPUR: Petronas Gas Bhd (PetGas) says its fourth-quarter ended Dec 31, 2013 net profit climbed to RM393.7mil from RM295mil a year ago, while revenue increased to RM1.02bil against RM909mil previously.

The improved performance was driven by regasification revenue following commencement of the group’s LNG Regasification Terminal operations in the second quarter of 2013 and higher gas transportation revenue.

The increase, however, was partially offset by lower utilities revenue on fall in offtake by customers.

Full-year net profit swelled to RM2.08bil, or RM1.05 a share. PetGas said it would pay a dividend of 40 sen a share for the last quarter to lift full-year payout to 55 sen a share.

Meanwhile, Petronas Chemicals Group Bhd (PetChem) said net profit tumbled more than 50% to RM450mil in the fourth quarter ended Dec 31, 2013 against RM902mil a year ago, as revenue declined 24% to RM3.34bil.

“The lower sales volumes were due to heavier maintenance activities and external supply limitations across both segments,” PetChem said in the notes accompanying its financial results.

“In the corresponding quarter, the group had recognised one-off expenses relating to the discontinuation of its vinyl business amounting to RM490mil. In addition, the group also benefited from positive tax incentive impact of RM432mil at one of its subsidiary. Excluding these one-off items, group profit would be lower by RM548mil,” PetChem said.

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