Putra Heights fire may cost PetGas up to RM25mil, says MIDF

Fiery blaze: The fireball of the gas pipeline blast at Jalan Putra Harmoni, Putra Heights. — ART CHEN/The Star

KUALA LUMPUR: The Putra Heights fire on April 1 is expected to result in a one-off impairment of at least RM18mil to RM25mil for Petronas Gas Bhd (PetGas), according to MIDF Research.

“Financially, we estimate that there will be a one-off impairment of roughly RM18-25mil minimum from PetGas. This includes revenue loss for the affected pipeline (10-15%), damage repair (25-30%), public compensation (25-35%) and reputational management.