KUALA LUMPUR: Gas Malaysia Bhd’s net profit increased 2.39 per cent to RM41.17 million in the first quarter ended March 31, 2019 from RM40.21 million a year ago.
In an exchange filing today, Gas Malaysia said the increase earnings was attributed to higher operating income, share of profit of joint ventures and lower operating expenses.
Its revenue rose 20.28 per cent to RM1.72 billion from RM1.43 billion due to higher volume of natural gas sold and higher natural gas tariff.
The company expects the yearly increase in natural gas sale volume and number of customers to sustain for the financial year ending December 31, 2019 (FY19).
“The group’s profitability for FY19 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it said.