Osaka Gas' profit jumps 46% in Q1
Japanese utility Osaka Gas on July 29 reported a 45.8% year/year jump in profit in the three months to June 30 (Q1) owing to an increase in profit in the international energy business that included Freeport LNG and Sabine shale gas projects in the US.
The profit attributable to Osaka Gas shareholders was 31.5bn yen ($290mn) compared with 21.6bn yen in the same quarter of the previous year. Profit in the international energy business stood at 12.5bn yen against a loss of 300mn yen in the same period last year. Sales revenue dropped 0.9% yr/yr to 314.3bn yen owing to the lower unit selling price of city gas.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Total gas sales volumes during the quarter grew 3.3% yr/yr. Residential sales volumes were down 8.7% yr/yr; while non-residential sales volumes jumped 8.3% yr/yr.
Looking ahead the company expects revenues for the 12 months to March 31 2022 to rise 10.7% yr/yr to yen 1.5 trillion. The revenue guidance has been revised upwards from 1.4 trillion yen owing to a rise in gas and electricity prices, Osaka Gas said.
Profit attributable to shareholders is forecast to drop 12.8% yr/yr to yen 70.5bn. Profit in the international energy business is expected to increase by 23.1bn yen to 40bn yen mainly due to profit increase in Freeport LNG project and upstream business in Australia.