Update Petronas Dagangan 2Q net profit down 5.8% to RM185.65 million

by **Cals** Fri 08 Aug 2014, 03:12

Update Petronas Dagangan 2Q net profit down 5.8% to RM185.65 million

Business & Markets 2014

Written by Gho Chee Yuan of theedgemalaysia.com

Thursday, 07 August 2014 19:18
KUALA LUMPUR (Aug 7): Petronas Dagangan Bhd (PetDag) reported a marginally dropped in its net profit to RM185.65 million, for second quarter ended June 30, down 5.8% from RM197.13 million in the previous corresponding period.

However, PetDag’s revenue rose to RM8.37 billion, an increase of 5.7% from RM7.92 billion a year ago. Earnings per share fell to 18.7sen from 19.8 sen previously.

The group's operating profit was RM252.6 million, a decrease of RM24.3 million compared to the corresponding quarter last year. “It is due to the higher operating expenditure by RM54.9 million partially offset by higher gross margin by RM34.8 million,” it said.

In an announcement to Bursa Malaysia today, the group said an increase in revenue by RM437.2 million was mainly due to higher selling price of subsidised Mogas and Diesel as announced by the government on Sept 3 last year supported by the increase in sales volume by 2%.

“Primax 95 Baharu which was launched in May this year contributed to the increase in sales volume of Mogas,” it added.

The company also reported an increase in operating profit by RM11 million in retail segment compared to corresponding quarter previously. It was due to higher gross margin by RM33 million particularly offset by higher operating expenditure by RM24.8 million.

PetDag’s share price was unchanged at RM20 with 462,300 units traded.