KUALA LUMPUR (May 5): Gas Malaysia Bhd’s net profit rose 16.2% to RM55.63 million in the first quarter ended March 31, 2021 (1QFY21), from RM47.86 million a year ago, on higher volume of natural gas sold and higher contribution from joint ventures.
Earnings per share increased to 4.33 sen, from 3.73 sen in 1QFY20, according to the group’s bourse filing.
Quarterly revenue, however, was down 28.2% to RM1.15 billion, from RM1.61 billion in 1QFY20 due to lower average tariff.
On a quarter-on-quarter basis, net profit fell 19.6% from RM69.23 million, while revenue dropped 36.6% from RM1.82 billion.
The lower net profit, when compared with 4QFY20, was “in line with revenue cap adjustment recognised”, said Gas Malaysia.
The group also blamed the fall in profits on lower finance income and other income, coupled with a lower share of profits from joint venture companies.
On prospects, Gas Malaysia said it expects overall performance to remain satisfactory for FY21.
Gas Malaysia’s shares closed one sen or 0.37% lower at RM2.71, valuing the group at RM3.48 billion.
