Sunday, September 20

Petronas Gas’ 2Q net profit rises to RM537.08 million

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On prospects, PetGas said it was in continuous discussion with the Energy Commission to finalise the tariff guidelines for gas transportation and regasification services beyond 2018.

KUALA LUMPUR: Petronas Gas Bhd’s (PetGas) net profit for the second quarter (2Q) ended June 30, 2018, rose to RM537.08 million from RM425.93 million registered in the same quarter last year.

Revenue increased 15.7 per cent to RM1.36 billion from RM1.17 billion previously mainly contributed by the group’s new liquefied natural gas regasification terminal in Pengerang, Johor, which commenced commercial operations in November 2017 and higher revenue from all segments.

In a filing with Bursa Malaysia yesterday, PetGas said net profit for the six months ended June 30 increased to RM1.04 billion from RM889.09 million a year ago and revenue for the period stood at RM2.71 billion against RM2.34 billion in the previous year.

Based on its performance, the group said its gas processing plants achieved 100 per cent reliability, maintaining world-class standards.

“Liquid plant extraction performance consistently exceeded targets throughout the quarter, resulting in higher tranches of performance-based structure income earned compared to the corresponding quarter,” it said.

On prospects, PetGas said it was in continuous discussion with the Energy Commission to finalise the tariff guidelines for gas transportation and regasification services beyond 2018.

“The group’s performance is therefore expected to remain stable on the back of its strong and sustainable income streams from existing Gas Processing Agreement, Gas Transportation Agreements and Regasification Service Agreement signed with Petronas,” it added. — Bernama