Gas Malaysia’s 4Q18 profit falls 16.7%

Gas Malaysia Bhd’s net profit for the fourth quarter ended Dec 31, 2018 (4Q18) fell 16.74% year-on-year (YoY) to RM51.08 million mainly due to lower gross profit, in line with lower gas contribution margin recognised during the current quarter.

In an exchange filing yesterday, the gas supplier noted the higher gas contribution margin recorded in 4Q17 was a result of a one-off catch up Gas Cost Pass Through adjustment made in the quarter.

Revenue for the period increased 19.18% YoY to RM1.74 billion due to higher volume of natural gas sold and higher natural gas tariff.

The group said the growth in revenue for the financial year ended Dec 31, 2018 (FY18), was primarily driven by the increase in volume of natural gas sold and revision in gas tariffs.

The directors have declared a single-tier second interim dividend of 4.50 sen per share for FY18 to be paid on March 28, 2019. — TMR