Petronas Gas Q3 profit falls 1.2%, declares 16 sen dividend

PETALING JAYA: Petronas Gas Bhd's net profit fell marginally by 1.2% to RM417.43 million for the third quarter ended September 30, 2017 against RM422.71 million in the previous corresponding period, due to lower gross profit attributable to higher depreciation in line with the completion of capital projects and higher utilities cost of sales arising from upward fuel gas price revision.
Its revenue was flat at RM1.16 billion.
The group has proposed to declare an interim dividend of 16 sen per share.
Petronas Gas said in a filing with the stock exchange that it expects the group's performance to remain stable amid the challenging economic environment on the back of its strong and sustainable income streams from the existing gas processing agreement, gas transportation agreements and regasification service agreement signed with Petronas.
It noted that the utilities segment will continue to contribute positively to its results.
Petronas Gas added the revenue contribution will also come from its new Liquefied Natural Gas Regasification Terminal in Pengerang, Johor, which has a total capacity of 490 million standard cubic feet per day (mmscfd).
For the nine-month period, Petronas Gas' net profit rose 2.5% from RM1.27 billion to RM1.31 billion on the back of a 2.9 % increase in revenue from RM3.41 billion to RM3.51 billion.
At 3pm, the stock rose 14 sen or 0.8% to RM17.84 on some 1.97 million shares done.