PetGas 1Q net profit increases to RM505.35 million

KUALA LUMPUR: Petronas Gas Bhd (PetGas) has reported a higher net profit of RM505.35 million for the first quarter ended March 31, 2018 compared with RM463.16 million in the previous corresponding quarter.

Revenue for the quarter rose to RM1.35 billion from RM1.17 billion, mainly contributed by the group’s new liquefied natural gas regasification terminal in Pengerang, Johor, which commenced commercial operations in November 2017, and supported by higher revenue from all segments.

In a filing with Bursa Malaysia yesterday, PetGas said revenue from the regasification segment surged by RM135.3 million, or 82 per cent, to RM299.6 million compared with RM164.3 million in the same quarter in 2017, primarily contributed by the regasification terminal in Pengerang.

“The group continues to record strong operational performance. Notably, the gas processing, transportation and regasification plants continue to perform well at above 99 per cent reliability,” it said.

PetGas also said the group’s gas processing plants achieved 100 per cent reliability which contributed towards higher performance-based structure income compared to the last corresponding quarter.

“Gas processing segment revenue registered an increase of RM4.1 million, or 1.1 per cent.

“Contribution, however, was lower by 8.7 per cent at RM161.3 million as the higher revenue was offset by higher depreciation following the completion of statutory turnaround activities and higher staff costs,” it said.

PetGas said the Board of Directors has approved a first interim dividend of 16 sen per ordinary share amounting to RM316.6 million for the financial year ending Dec 31, 2018.

“The interim dividend will be paid on June 12, 2018,” it added. — Bernama