Gas Malaysia's profit up 16% in Q1
Malaysian gas retailer Gas Malaysia on May 5 announced a 16.23% year/year increase in net profit for the three months ending March 31 (Q1) owing to higher volumes of gas sold.
Gas Malaysia's net profit in Q1 was 55.63mn ringgit ($13.5mn) compared with 47.86mn ringgit in the same quarter of last year. The revenue, however, declined 28.24% yr/yr to 1.15bn ringgit, owing to lower tariff during the three-month period.
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The company said that the Covid-19 pandemic continues to have a “profound impact” across businesses and on Malaysia’s economy. However, it added that Malaysia’s economy is expected to recover with the gross domestic product in 2021 likely to expand by 6% to 7.5%, after a contraction in 2020.
“Based on the foregoing, the group expects overall performance to remain satisfactory for the financial year ending 31 December 2021,” Gas Malaysia said.
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.