Gas Malaysia 4Q falls near 17% after cost past-through adjustment

TheEdge Fri, Feb 15, 2019 10:16am - 5 years View Original


KUALA LUMPUR: Gas Malaysia Bhd’s net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) fell 16.7% year-on-year (y-o-y) to RM51.08 million from RM61.35 million the year before, on lower gas contribution margin due to the gas cost pass-through adjustment set for the July-December 2018 period.

Quarterly earnings per share declined to 3.98 sen apiece from 4.77 sen in 4QFY17, Gas Malaysia said in a filing yesterday. The lower quarterly net profit came despite revenue rising 19.4% to RM1.74 billion from RM1.46 billion, backed by higher volume of natural gas sold and higher natural gas tariff, the group said.

It declared a 4.5 sen dividend per share, amounting to RM57.78 million, payable on March 28. This brings its dividend declared for the financial year ended Dec 31, 2018 (FY18) to nine sen, up from eight sen the year before.

For FY18, Gas Malaysia’s net profit rose 11.9% to RM180.39 million from RM161.14 million y-o-y, mainly due to higher gas contribution “in line with higher volume of natural gas sold and lower operating expenses”.

Full-year revenue rose 17.3% to RM6.23 billion from RM5.32 billion, added the company.

On prospects, Gas Malaysia highlighted that the growth in revenue in FY18 was “primarily driven by the increase in volume of natural gas sold and revision in gas tariff”.

“The board anticipates that the yearly increase in natural gas sale volume and number of customers will sustain for the financial year 2019,” said Gas Malaysia.

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