Gas Malaysia's Q2 Profit Down 9%

Malaysian gas retailer Gas Malaysia announced on August 13 its net profit for the three months to June 30 (Q2) dropped 9% yr/yr to ringgit 44.62mn ($10.62mn) owing to lower gas sales volume and average price.

The company’s revenue was ringgit 1.54bn, down 11.3% yr/yr. “This was in line with lower volume of natural gas sold and lower average natural gas tariff,” it 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). Its customers have been operating on a reduced capacity, thereby affecting the volume of gas consumed. Looking ahead, the company expects the Covid-19 pandemic to have an adverse impact to the full year performance.

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.