Gas Malaysia net profit soars 40% in Q2

KUALA LUMPUR: Gas Malaysia Bhd said higher volume of fuel sold coupled with the recognition of revenue cap adjustment in the current quarter boosted its operating profit in the three-month ended June 30.

Net profit in the second quarter surged 40% to RM62.3mil from RM44.6mil a year ago.

Revenue declined to RM1.38bil from RM1.5bil previously, Gas Malaysia said in a filing today.

The drop in revenue was due to lower average natural gas tariff, although this was mitigated by higher volume of natural gas sold and the recognition of revenue cap adjustment.

"Amidst prevailing uncertainties, the Group will continue to be vigilant and take appropriate and timely measures to sustain the Group’s profitability for the financial year 2021," it said.

Gas Malaysia has declared an interim dividend of 4.8 sen a share.