Gas Malaysia Q1 Profit Up

Malaysian gas retailer Gas Malaysia’s net profit for the three months to March 31 (Q12019) was ringgit 41.17mn ($9.9mn), up 2.4% year-on-year, it said May 15.

Revenue grew 19.5% year-on-year to ringgit 1.72bn owing to increase in volume of natural gas sold and revision in gas tariffs, the company said.

Gas Malaysia said that the yearly increase in natural gas sale volume and number of customers will sustain for the full year. The profitability of the year ending December 31, 2019 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework, it added.

Gas Malaysia supplies natural gas and LPG to homes, commercial businesses and industries in Malaysia. Apart from the general public, its shareholders include MMC Corporation, Tokyo Gas, and Petronas Gas.