KUALA LUMPUR: Petronas Gas Bhd
recorded a net profit of RM516.4mil in the first quarter ended March 31, 2021, a 40.28% jump over RM368.12mil in the previous corresponding quarter on improved contribution across all its business segments due to lower operating costs.
Earnings per share rose to 26.1 sen versus 18.6 sen previously.
Group revenue in the quarter under review was RM1.34bil, or 4% lower from RM1.4bil in the comparative quarter due to lower revenue in the utilities segment in line with lower product prices amid higher sales volumes.
By segment, gas processing saw a comparable revenue of RM428.9mil while segment results grew 9.2% on lower operating costs.
Gas transport revenue was 1.5% lower due to the fewer operating days coupled lower operations and maintenance service revenue.
Segment results however increased 4.7% with lower operating costs including internal gas consumption.
In the regasification segment. revenue rose 0.8% due to the introduction of new revenue streams from LNG reloading at RGTSY and truck loading at RGTP.
The segment registered a 19.2% increase in its results due to lower operating costs, largely attributable to IGC cost.
The utilities segment saw revenue slip 16% due to lower product prices following the downward revision of fuel gas prices.
However, the segment results surged 126.7%, attributable to favourable margin impact of lower fuel gas costs as well as lower depreciation expense.
"PGB Group’s performance in 2021 is expected to remain resilient despite the ongoing pandemic as the Group’s business model and long-term contracts ensures steady revenue streams, particularly for Gas Processing, Gas Transportation and Regasification business segments," it said.
recorded a net profit of RM516.4mil in the first quarter ended March 31, 2021, a 40.28% jump over RM368.12mil in the previous corresponding quarter on improved contribution across all its business segments due to lower operating costs.Earnings per share rose to 26.1 sen versus 18.6 sen previously.
Group revenue in the quarter under review was RM1.34bil, or 4% lower from RM1.4bil in the comparative quarter due to lower revenue in the utilities segment in line with lower product prices amid higher sales volumes.
By segment, gas processing saw a comparable revenue of RM428.9mil while segment results grew 9.2% on lower operating costs.
Gas transport revenue was 1.5% lower due to the fewer operating days coupled lower operations and maintenance service revenue.
Segment results however increased 4.7% with lower operating costs including internal gas consumption.
In the regasification segment. revenue rose 0.8% due to the introduction of new revenue streams from LNG reloading at RGTSY and truck loading at RGTP.
The segment registered a 19.2% increase in its results due to lower operating costs, largely attributable to IGC cost.
The utilities segment saw revenue slip 16% due to lower product prices following the downward revision of fuel gas prices.
However, the segment results surged 126.7%, attributable to favourable margin impact of lower fuel gas costs as well as lower depreciation expense.
"PGB Group’s performance in 2021 is expected to remain resilient despite the ongoing pandemic as the Group’s business model and long-term contracts ensures steady revenue streams, particularly for Gas Processing, Gas Transportation and Regasification business segments," it said.
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