Petronas Gas 1Q profit up 8% but revenue down 0.5%

by **Cals** Sat 11 May 2013, 01:56

Petronas Gas 1Q profit up 8% but revenue down 0.5%
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Friday, 10 May 2013 20:15

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KUALA LUMPUR (May 10): PETRONAS GAS BHD [] said its revenue for the quarter ended 31 March 2013 was RM910.4 million, a 0.5% decrease compared to the corresponding quarter in 2012 due mainly to lower contribution from gas processing.

Despite lower revenue, net profit for the quarter increased by RM26.9 million to RM360.43 million. Earnings per share climbed to 18.22 sen from 16.85 sen.

“This was primarily contributed by decrease in depreciation expense as a result of review of property, plant and equipment major components and useful lives undertaken by the group last year,” the company said in its filing with Bursa Malaysia.

On gas processing, the company said revenue for the quarter ended 31 March 2013 was lower by RM14 million as compared to the corresponding quarter in 2012 mainly due to lower export for propane and lower realised price for both propane and butane.

On outlook, it said the group’s earnings will remain stable on the back of the fixed fee structure under the Gas Processing and Transmission Agreement (GPTA).

It sees additional earnings potential from performance based structure which is dependent on the level of production of by-products and their prices.

The contribution from the group’s LNG Regasification Terminal business in Melaka is expected to be reflected in the Petronas Gas’ earnings in the second quarter of FY2013, it said.