Gas Malaysia's 2Q Profit Up 43% on Year

Malaysian gas retailer Gas Malaysia's net profit for the quarter ended June 30 (2Q 2018) increased 43% year on year to ringgit 48.07mn ($11.8mn) thanks to higher volume of natural gas sold and higher gas prices, it said August 8. Revenue during 2Q jumped 17.3% year on year to ringgit 1.50bn.

The company in June announced further increase in the price of gas for the non-power sector. The new price regime came into effect July 1 and will remain in place for six months. The hike is expected to contribute positively towards the financial position of the company for the financial year ending December 31.

Gas Malaysia’s net profit in 1H increased 33% year on year to ringgit 88.29mn, while revenue was up 19% year on year to ringgit 2.94bn.

The company 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.