PETALING JAYA: Petronas Gas Bhd’s net profit for the third quarter ended Dec 31 rose 62% to RM266.47mil from RM164.06mil a year earlier mainly due to lower cost of revenue, it said in a statement yesterday.
Its revenue, however, fell 2.6% to RM810.89mil from RM832.87mil on lower throughput revenue. Basic earnings per share for the third quarter rose to 13.47 sen from 8.29 sen previously.
TA Securities analyst Kaladher Govindan said the company’s earnings were within expectations.
“Earnings for the first three quarters were within 77% of our full-year forecast of RM958.1mil,” he told StarBiz.
Petronas Gas’ net profit for the nine months surged to RM739.5mil from RM666.9mil a year earlier while revenue dipped to RM2.42bil from RM2.48bil.
The company said while revenue prospects for the gas processing and transmission business would be dependent on demand for gas and upstream gas production levels, the margin for the gas processing and transmission business would not be impacted.
It added that prospects for the utilities business would depend on the pace of economic recovery.
“Any variation in the gas price will be reflected in the pricing to customers,” it said.
Kaladher said the prospects for Petronas Gas looked promising. “With the improving economy, industrial demand will pick up.”
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