KUALA LUMPUR: Gas Malaysia Bhd’s (GMB) net profit increased 1.96 per cent to RM49.01 million in the second-quarter (Q2) ended June 30, 2019, from RM48.07 million a year ago.
In an exchange filing today, Gas Malaysia said the higher profit was in line with higher volume of gas sold coupled with lower operating expenses.
Its Q2 revenue rose 15.5 per cent to RM1.74 billion from RM1.50 billion recorded in the same corresponding period a year ago, due to higher volume of natural gas sold and higher natural gas tariff.
For the first-half of 2019, Gas Malaysia’s net profit rose 2.14 per cent to RM90.18 million from RM88.29 billion, while revenue jumped 17.35 per cent to RM3.45 billion from RM2.94 billion during the same period last year.
The company expects the yearly increase in natural gas sale volume and number of customers to sustain for the financial year ending December 31, 2019 (FY19).
“The group’s profitability for FY19 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework.”
Gas Malaysia proposed a single-tier first interim dividend of 4.8 sen per share for FY19, payable on October 30.