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Gas Malaysia Q1 profit drops to RM46.07m
by hlk Thu 07 Jun 2012, 23:10
Gas Malaysia Bhd's pre-tax profit for the first quarter ended March 31, 2012 fell to RM46.07 million from RM99.18 million
in the same quarter last year.
Revenue, however, improved to RM506.58 million from RM464.06 million previously, it said in a statement to Bursa Malaysia in Kuala Lumpur today.
Gas Malaysia said the increase in revenue was mainly due to higher volume of gas sold by 1.5 per cent and the upward revision in tariff which was effective June 1 last year.
As for the lower profit, Gas Malaysia said it was minly due to margin compression resulting from the revision in gas tariff.
"The lower pre-tax profit was mainly driven by lower sales volume due to shorter billing days, coupled with Chinese New Year holidays during the current quarter, and the adjustment of gas cost and reversal of provision for shared cost in the previous quarter," it said.
Going forward, the company said, its revenue was expected to be better than previous financial year.
It said profit, however, was expected to be lower than the previous financial year due to the full impact of the revised tariff which was enforced last year. -- BERNAMA
in the same quarter last year.
Revenue, however, improved to RM506.58 million from RM464.06 million previously, it said in a statement to Bursa Malaysia in Kuala Lumpur today.
Gas Malaysia said the increase in revenue was mainly due to higher volume of gas sold by 1.5 per cent and the upward revision in tariff which was effective June 1 last year.
As for the lower profit, Gas Malaysia said it was minly due to margin compression resulting from the revision in gas tariff.
"The lower pre-tax profit was mainly driven by lower sales volume due to shorter billing days, coupled with Chinese New Year holidays during the current quarter, and the adjustment of gas cost and reversal of provision for shared cost in the previous quarter," it said.
Going forward, the company said, its revenue was expected to be better than previous financial year.
It said profit, however, was expected to be lower than the previous financial year due to the full impact of the revised tariff which was enforced last year. -- BERNAMA
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