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.
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.
This decline in revenue was in line with the lower average tariff mitigated by the higher volume of natural gas sold during the quarter.
The increase in net profit however, was partially offset by higher operating expenses as well as lower finance income and operating income, mitigated by higher contribution from the group’s joint ventures.
The group expects overall performance to remain satisfactory for the financial year ending Dec 31, 2021.