Hot Stock Gas Malaysia falls 4.05% in thin trade on weaker 4Q earnings

by **Cals** Thu 25 Feb 2016, 01:36

Hot Stock

[size=28]Gas Malaysia falls 4.05% in thin trade on weaker 4Q earnings

By Surin Murugiah / theedgemarkets.com | February 24, 2016 : 9:42 AM MYT

KUALA LUMPUR (Feb 24): Shares of Gas Malaysia Bhd fell 4.05% in thin trade this morning after its net profit fell 56% to RM10.27 million or 0.8 sen a share for the fourth quarter ended Dec 31, 2015 (4QFY15), from RM23.34 million or 1.82 sen a share a year ago, weighed down by additional billing for price differential between market prices and regulated prices for liquefied natural gas volume supplied from its gas supplier.

At 9.22am, Gas Malaysia fell 10 sen to RM2.37 with 4,000 shares done.

Revenue for the quarter, however, doubled to RM1.17 billion, from RM780.5 million in 4QFY14, due to higher volume of gas sold and the upward revision of natural gas tariff, it told the exchange in a filing today.

Gas Malaysia also proposed a final dividend of 4.77 sen for the financial year ended Dec 31, 2015 (FY15), amounting to RM61.25 million, subject to the approval of the shareholders at the forthcoming annual general meeting.

For FY15, its net profit fell 36.7% to RM106.16 million or 8.27 sen per share, from RM167.63 million or 13.06 sen per share, dragged down by lower gross contribution resulting from margin compression and the above additional billing for price differential between market prices and regulated prices.

Revenue gained 30.7% to RM3.62 billion, from RM2.77 billion in FY14, underpinned by higher volume of gas sold and the upward revisions of natural gas tariff effective Nov 1, 2014 and July 1, 2015.

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