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Update Petronas Gas 2Q profit jumps 106%, pays 15 sen dividend
by Cals Fri 23 Aug 2013, 04:23
Update Petronas Gas 2Q profit jumps 106%, pays 15 sen dividend
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 22 August 2013 18:46
KUALA LUMPUR (August 22): PETRONAS GAS BHD [] more than doubled its second quarter net profit from a year earlier. This came mainly on the group's deferred tax assets for its liquified natural gas (LNG) regasification terminal in Melaka.
In a statement to the exchange today, Petronas Gas said net profit jumped 106% to RM944.94 million from RM458.87 million. Revenue climbed to RM930.77 million from RM887.36 million.
Petronas Gas said net profit had increased as the group registered deferred tax assets of RM591.6 million due to investment tax allowance for the LNG regasification terminal in Melaka.
The firm said revenue had risen on "regasification revenue and higher gas transportation revenue and performance-based structure income".
Cumulative six-month net profit was higher at RM1.31 billion compared to RM792.32 million a year earlier. Revenue rose to RM1.84 billion from RM1.8 billion.
Petronas Gas plans to pay a dividend of 15 sen a share for the quarter in review.
Looking ahead, the firm expects its earnings to "remain stable" on the fixed-fee structure under the Gas Processing and Transmission Agreement.
The commencement of the regasification terminal in Melaka will offer additional income for the group, it said.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 22 August 2013 18:46
KUALA LUMPUR (August 22): PETRONAS GAS BHD [] more than doubled its second quarter net profit from a year earlier. This came mainly on the group's deferred tax assets for its liquified natural gas (LNG) regasification terminal in Melaka.
In a statement to the exchange today, Petronas Gas said net profit jumped 106% to RM944.94 million from RM458.87 million. Revenue climbed to RM930.77 million from RM887.36 million.
Petronas Gas said net profit had increased as the group registered deferred tax assets of RM591.6 million due to investment tax allowance for the LNG regasification terminal in Melaka.
The firm said revenue had risen on "regasification revenue and higher gas transportation revenue and performance-based structure income".
Cumulative six-month net profit was higher at RM1.31 billion compared to RM792.32 million a year earlier. Revenue rose to RM1.84 billion from RM1.8 billion.
Petronas Gas plans to pay a dividend of 15 sen a share for the quarter in review.
Looking ahead, the firm expects its earnings to "remain stable" on the fixed-fee structure under the Gas Processing and Transmission Agreement.
The commencement of the regasification terminal in Melaka will offer additional income for the group, it said.
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