KUALA LUMPUR: Petronas Gas Bhd has registered a net profit of RM463.24 million in the first quarter ended March 31, 3.6 per cent higher from RM447.17 million in the same period a year ago on higher fuel gas price revision.
Its revenue increased 3.54 per cent to RM1.17 billion in the quarter from RM1.13 billion in the corresponding period a year ago.
The company said the higher revenue was mainly contributed by higher utilities revenue in tandem with higher offtake by customers as well as higher sales prices in line with fuel gas price revision coupled with higher regasification revenue attributed to higher storage fees.
"Profit before taxation however was slightly lower by RM1.7 million mainly due to higher operating costs attributed to one-off staff costs adjustment and depreciation expense in line with completion of major capital projects.
"These were partially offset by higher share of profit from joint ventures and other income. Profit for the quarter however increased by RM15.9 million primarily contributed by lower tax expense as a result of utilisation of Utilities business tax incentive," it said in its filing to Bursa Malaysia.
Petronas Gas expects its performance to remain stable this year amid the challenging economic environment on the back of its strong and sustainable income streams from existing gas processing agreement, gas transportation agreements and regasification service agreement signed with Petroliam Nasional Bhd.
"The utilities segment will continue to contribute positively to the group's results," it said.
PetGas said it has also approved a first interim dividend of 15 sen per share amounting to RM296.8 million for the financial year ending December 31, 2017, payable on June 14.