Gas Malaysia's Profit Up in Q3

Malaysian gas retailer Gas Malaysia announced on November 12 its net profit for the three months ending September 30 (Q3) had increased 21.2% yr/yr to ringgit 50.09mn ($12.12mn), on the back of higher gas sales volumes.

The company’s revenue in Q3 was ringgit 1.72bn, down from ringgit 1.75bn in the year-ago period. Net profit for the nine months ending September 30 stood at ringgit 143.39mn, up 8.5% yr/yr, while revenue fell 6% to ringgit 4.87bn.  

Gas Malaysia said its full-year performance would be affected "by the duration and the extent of the economic stimulus packages given/offered by the government during the Covid-19 pandemic, coupled with the pace of economic recovery in Malaysia and globally." The company did not issue any profit forecast or profit guarantee for the year.

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.