Gas Malaysia posts higher net profit in Q1

KUALA LUMPUR (Bernama) -- Gas Malaysia Bhd posted a higher net profit of RM55.63 million in the first quarter ended March 31, 2021 (Q1 2021) against RM47.86 million registered in the same quarter last year.

Revenue, however, fell 28.2 per cent to RM1.15 billion from RM1.61 billion previously.

"This was in line with the lower average tariff mitigated by higher volume of natural gas sold during the current quarter,” it said in a filing with Bursa Malaysia today.

The company said profit before zakat and taxation increased 7.1 per cent to RM72.1 million in Q1 2021 from RM67.4 million in the corresponding period last year, mainly due to higher gross profit in line with the higher volume of natural gas sold in the current quarter but offset by higher overheads and depreciation being part of cost of sales.

"However, the increase in profit before zakat and taxation was partially offset by higher operating expenses as well as lower finance income and operating income mitigated by higher contribution from the company’s joint-ventures,” it said.

Going forward, Gas Malaysia said it expected its overall performance to remain satisfactory for the financial year ending Dec 31, 2021.

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