Gas Malaysia's 3Q Profit Up 22% on Year

Malaysian gas retailer Gas Malaysia's net profit for the quarter ended September 30 (3Q 2018) was up 22.1% year-on-year thanks to higher volumes of gas sold and higher prices, it said November 14.

The company reported a net profit of ringgit 41.03mn ($9.8mn) compared with ringgit 33.61mn in the same quarter last year. Revenue during 3Q 2019 was ringgit 1.56bn, up 11.8% year-on-year.

For the nine-month period net profit was ringgit 129.31mn, up 29.6% year-on-year while revenue increased 16.4% year-on-year to ringgit 4.49bn from ringgit 3.86bn.

Gas Malaysia said it anticipates that the yearly increase in natural gas sale volume and number of customers will sustain for the financial year 2018.

The company 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.