PETALING JAYA: Petronas Gas Bhd’s (PetGas) net profit rose by nearly 20% year-on-year (y-o-y) in the second quarter ended June 30, mainly on the back of higher revenue and lower tax expenses.
The subsidiary of Petroliam Nasional Bhd (Petronas) said in a filing with Bursa Malaysia that its bottom line for the quarter increased to RM509.33mil compared with RM425.33mil a year earlier.
Revenue-wise, PetGas recorded an increase of 15.74% y-o-y to RM1.36bil in the second quarter, largely contributed by the group’s new liquefied natural gas regasification terminal in Pengerang, Johor, which commenced commercial operations in November 2017.
“This was supported by higher revenue from all segments,” the group said. PetGas declared a dividend of 16 sen in the second quarter. Earnings per share were 25.74 sen. Cumulatively, in the first six months of financial year 2018, it posted a net profit of RM992.55mil, an increase of 12% y-o-y.
The growth in earnings was mainly because of higher gross profit from PetGas’ regasification segment on the back of its new revenue stream.