CIMB Equities Research expects Petronas Gas
KUALA LUMPUR: Petronas Gas Bhd
posted a marginal increase in its net profit of RM1.81bil in the financial year ended Dec 31, 2018 as it was weighed down by share of losses from a joint-venture company, Kimanis Power Sdn Bhd.
Petronas Gas said on Monday the losses from Kimanis Power were due to a de-recognition of deferred tax assets (DTA) in relation to certain tax benefits which now have a seven-year utilisation limit under the new Finance Act 2018. Its net profit rose just 1% to RM1.81bil from RM1.79bil in FY17.
“Profit for the year rose by 5% to RM1.9bil in tandem with higher profit before tax of RM2.4bil. Excluding the impact of DTA from Kimanis Power, profit for the year would be higher by 11.9% or RM215.6mil, it said.
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