Gas Malaysia's profit drops 10% in Q3

Gas Malaysia, a Malaysian gas retailer, on November 28 reported a 9.93% year/year drop in profit for the July-September quarter (Q3) to 86.16mn ringgit ($18.5mn) due to lower volume of natural gas sold and higher operating and administrative expenses.

The company's revenue during the quarter slipped 2.57% year/year to 1.82bn ringgit. For the nine months of 2023, Gas Malaysia reported a net profit of 279.07mn ringgit, down 5.18% year/year.

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