Gas Malaysia posts higher earnings in Q1

Although the group’s revenue declined 28.24% y-o-y to RM1.15bil, it managed to bring its cost of sales lower by 30.35% y-o-y to RM1.06bil for the quarter.

PETALING JAYA: Gas Malaysia Bhd has posted a net profit of RM55.63mil for the first quarter ended March 31, which came in 16.23% higher year-on-year (y-o-y).

This was mainly due to a higher gross profit in line with the higher volume of natural gas sold in the current quarter, offset by higher overheads and depreciation being part of cost of sales.