Petronas Gas' 1Q Profit, Revenues Up

Malaysia’s Petronas Gas said May 17 that its revenue for the January-March quarter increased by 181.6mn ringgit ($45.7mn, up 15.5%) year on year to ringgit 1.35bn ($340mn) thanks to start up of its new regasification terminal in Pengerang which came online in November.

Net profit in 1Q2018 for the company, a subsidiary of state giant Petronas, rose by 9.1% to ringgit 505.4mn on the back of higher revenues; it declined to give any profit forecast for the year.  

Petronas Gas operates in gas processing, gas transportation, utilities and regasification. Gas processing made 1Q2018 revenues of ringgit 161.3mn, up 1.1% year on year while gas transportation business had revenues of ringgit 260mn, up 3.1%. Utilities revenue rose by 11% to ringgit 323.7mn attributable to upward revisions of the fuel gas price in July 2017 and January 2018.

LNG regasification terminals at Sungai Udang, Melaka and Pengerang, Johar continued to record high plant reliability at close to 100% during the quarter, and the company's regasification segment saw its revenues by 82% year on year to ringgit 299.6mn for the quarter - thanks to a new terminal at Pengerang that came onstream in November 2017.