PetGas posts RM580.84mil net profit in third quarter

PetGas earnings per share eased to 29.35 sen compared to 29.87 sen a year earlier. The board has declared a third interim dividend of 18 sen per share going ex on Dec 6, 2021, and payable on Dec 20, 2021 (File pic shows PetGas' terminal in Malacca)

KUALA LUMPUR: Petronas Gas Bhd (PetGas) recorded a net profit of RM580.84mil in the third quarter ended Sept 30, 2021, down by 1.7% from RM591.01mil in the previous corresponding period, due to the impact of unfavourable foreign exchange movement.

In a filing with Bursa Malaysia, the gas infrastructure and utilities group said it recorded unrealised foreign exchange loss of RM10.4mil relating to the translation of US dollar-denominated assets and liabilities for the quarter under review, in contrast to a gain of RM84.3mil in the same quarter in 2020.

Earnings per share eased to 29.35 sen compared to 29.87 sen a year earlier. The board has declared a third interim dividend of 18 sen per share going ex on Dec 6, 2021, and payable on Dec 20, 2021.

In the quarter under review, the group reported a revenue of RM1.43bil, which was a 1.4% increase over RM1.41bil in the same quarter a year ago.

PetGas said its performance in 2021 is expected to remain resilient despite the ongoing pandemic as its business model and long-term contracts ensure steady revenue streams, particularly for the gas processing, gas transport and regasification business segments.