Gas Malaysia Reports 15.7% Rise in Q2 Net Profit

Gas Malaysia reported a net profit of RM38.97 million ($9.71mn) during the second quarter of 2016, up 15.7% compared with the same period last year.

Pre-tax profit for the second quarter ended June 30, 2016 improved to RM49.77mn from RM43.56mn recorded in the same period last year, the company informed Bursa Malaysia on Thursday. Revenue increased 22.5% to RM973.57 during the same period mainly due to upward revision of natural gas tariff which took effect on January 1, 2016 and higher volume of gas sold in the current quarter, the company said.

Gas Malaysia said it anticipates that the increase in volume of gas sold and number of customers will sustain for the second half of 2016. The profitability for the financial year ending December 31, 2016 is also expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework.

For the first half of 2016, revenue was RM1.93 billion, up 24.3% on year.