Gas Malaysia Q1 earnings up 3.6% to RM41.61m

KUALA LUMPUR: Gas Malaysia Bhd's earning rose 3.6% to RM41.61mil in the first quarter ended March 31, 2014 from RM40.14mil a year ago.

The company said on Thursday revenue increased by 8.4 % to RM580.57mil  from RM535.44mil due to higher volume of gas sold by 10.2% and the number of customers. Its earnings per share were 3.24 sen compared with 3.13 sen.

Gas Malaysia said its earnings depend on the cost of the natural gas purchased and the volume of gas sold to customers.

The board expected an increase in the volume of gas and number of customers to continue in financial year 2014.

Gas Malaysia also announced that concerning the non-power sector, the government had approved the natural gas tariff revision.

This would also result in the adjustments of purchased price of gas bought from Petroliam Nasional Bhd. Nonetheless, this might not materialise for the financial year 2014, it said.