Gas Malaysia posts improvement in earnings

PETALING JAYA: Gas Malaysia Bhd posted a net profit of RM62.36mil in the third quarter ended Sept 30, 2021, a 22.49% improvement over RM50.91mil in the previous corresponding quarter despite a drop in revenue.

In a filing with Bursa Malaysia, it said profitability rose on higher gross profit, lower administrative expenses and lower finance costs.The higher gross profit despite lower volume of natural gas sold was mainly due to the recognition of revenue cap adjustment in the current quarter.