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    Gas Malaysia's profit jumps 72% in Q2

Summary

It expects to deliver “satisfactory performance” during the year.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Corporate, News By Country, Malaysia

Gas Malaysia's profit jumps 72% in Q2

Malaysian gas retailer Gas Malaysia on August 18 posted a 72.2% year/year jump in net profit in the three months to June 30 (Q2) thanks to higher finance income, lower administrative expenses and higher contribution from joint venture companies.

The company's net profit came in at 107.3mn ringgits ($24mn) versus 62.3mn ringgits in the same period of last year. In a stock exchange filing, it said its revenue in Q2 rose 29.2% yr/yr to 1.77bn ringgits.

Gas Malaysia said it will continue to take prudent measures to maintain its operational efficiency to remain competitive. It expects to deliver “satisfactory performance” during the year. 

Gas Malaysia supplies natural gas and LPG to homes, commercial businesses and industries in Malaysia. Apart from the general public, its shareholders include MMC Corp, Tokyo Gas, and Petronas Gas.