Gas Malaysia Q1 Profit Up 16%

Malaysian gas retailer Gas Malaysia May 14 said its net profit for the three months to March 31 grew 16.3% yr/yr to ringgit 47.86mn ($10.8mn).

The company’s revenue was ringgit 1.6bn, down 6.4% yr/yr. “Despite higher volume of natural gas sold during the quarter, revenue decreased due to the lower average tariff recorded for the quarter,” Gas Malaysia said.

Gas Malaysia said its operations have been impacted due to nationwide enforcement of the movement control order to curb the spread of coronavirus (Covid-19). Looking ahead, the company expects the current situation to have an adverse impact on its results for the 12 months to December 31. It did not issue any profit forecast.

Gas Malaysia supplies natural gas and LPG to homes, commercial businesses and industries in Malaysia. Apart from the general public, its shareholders include MMC Corporation, Tokyo Gas, and Petronas Gas.