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PetGas posts net profit RM386.74m on higher revenue, lower tax
by hlk Wed 17 Aug 2011, 18:27
Petronas Gas Bhd (PGB) posted net profit RM386.74 million on the back of revenue RM916.55 million for the three months ended June 30, 2011, due to higher gas processing revenue and utilities sales, and lower tax expense.
It said on Wednesday, Aug 17 that earnings per share was 19.54 sen while net assets per share was RM4.47.
Commenting on its prospects, PGB said revenue from the fee structure under the GPTA is dependent on the volume of the gas processed at the gas processing plants as well as volume of gas delivered directly into the pipeline network.
The performance based structure will continue to provide it with additional earnings potential which is dependent on the level of production of by-products and their prices, the company said.
“As internal gas consumption is provided by Petronas, PGB’s exposure to fuel gas price fluctuation is eliminated.
“Prospects for the utilities business will mainly depend on petrochemical customer demand. Any variation in gas price will be reflected in the pricing to customers,” it said.
The company had on March 2, 2011 announced the change of financial year end from March 31 to Dec 31 beginning from April 2011.
As a result, there is no equivalent comparative quarters.
It said on Wednesday, Aug 17 that earnings per share was 19.54 sen while net assets per share was RM4.47.
Commenting on its prospects, PGB said revenue from the fee structure under the GPTA is dependent on the volume of the gas processed at the gas processing plants as well as volume of gas delivered directly into the pipeline network.
The performance based structure will continue to provide it with additional earnings potential which is dependent on the level of production of by-products and their prices, the company said.
“As internal gas consumption is provided by Petronas, PGB’s exposure to fuel gas price fluctuation is eliminated.
“Prospects for the utilities business will mainly depend on petrochemical customer demand. Any variation in gas price will be reflected in the pricing to customers,” it said.
The company had on March 2, 2011 announced the change of financial year end from March 31 to Dec 31 beginning from April 2011.
As a result, there is no equivalent comparative quarters.
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