KUALA LUMPUR: Petronas Gas Bhd posted a lower net profit of RM417.4 million in its third quarter performance compared to RM422.7 million in the same quarter last year.
It also recorded a pre-tax profit of RM532.64 million, down 2.5 per cent, versus RM546.29 million recorded in the same quarter last year, on higher utilities cost of sales arising from upward fuel gas price revision.
Revenue for the quarter ended Sept 30, 2017 was slightly higher at RM1.16 billion compared with RM1.15 billion previously, said the company in a filing to Bursa Malaysia.
As for the breakdown, the gas processing plant continued to perform above 99 per cent plant reliability and gas processing’s liquid plant extraction performance was sustained above target.
“Gas transportation segment sustained its pipeline network reliability at close to 100 per cent, allowing the segment to register steady revenue for the quarter at RM330.1 million.
“The segment contributed RM256.7 million to the group, marginally lower by RM1.8 million or 0.7 per cent, mainly due to higher repair and maintenance costs,” said the company.
Utilities segment selling price for the quarter increased in line with upward fuel gas price revision effective Jan 1, and July 1, 2017. Steam and industrial gases production volume was, however, lower compared with the corresponding quarter on the back of lower demand from customers due to the turnaround.
As a result of favourable prices, utilities revenue for the current quarter rose RM4.6 million or 1.7 per cent to RM277.6 million.
It said the increase in revenue, however, was offset by higher cost of sales in line with upward fuel gas revision and higher depreciation following completion of several capital projects.
Others, the group’s regasification facility in Melaka continued to record high plant reliability above 99 per cent during in the quarter under review.
The Regasification segment recorded higher revenue by RM4.2 million or 2.6 per cent to RM167 million, compared with the corresponding quarter following higher storage fees income helped by the stronger US Dollar against the Malaysian Ringgit.
“The segment contributed RM73.6 million, slightly lower by RM2.7 million, or 3.5 per cent against the corresponding quarter on higher floating storage unit lease and rental, as well as, higher depreciation upon completion of several capital projects,” the statement said.
For the nine months period, pre-tax profit was 1.5 per cent higher at RM1.64 billion versus RM1.62 billion, while revenue stood at RM3.5 million against RM3.4 billion, previously.
On outlook, the group said performance was expected to remain stable amid the challenging economic environment on the back of strong and sustainable income streams from existing gas processing agreement, gas transportation agreements and regasification service agreement signed with Petronas. – BERNAMA