Gas Malaysia sees rising profits in FY18

KUALA LUMPUR: Gas Malaysia Bhd said higher gas tariff and increased sales volume boosted net profit in the last quarter ended Dec 31, 2017 (FY17).

It expects rising number of customers switching to gas to sustain growth in 2018.

“The profitability of the group for FY18 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it said.

Earnings in the fourth quarter surged 50% to RM76.98mil from a year ago, as revenue jumped 40% to RM1.47bil.

This lifted its full year net profit to RM194.6mil, or 15.16 sen a share.

Gas Malaysia had declared a second interim dividend of four sen a share.