Wednesday, 9 May 2012

PetGas posts net profit RM333.46m in 1Q2012

KUALA LUMPUR (May 9): PETRONAS GAS BHD [] (PetGas) posted net profit RM333.46 million for the three months ended March 31, 2012, which was relatively flat year-on-year.

The company said on Wednesday that its revenue for the quarter rose 2.6% of RM23.6 million to RM914.8 million, mainly due to higher utilities sales and gas transportation revenue.

“Profit before tax for the current quarter was RM446.9 million, a decrease of RM17.7 million (3.8%) from the preceding quarter ended 31 December 2011 mainly due to higher other expense resulting from unrealised loss from the revaluation of Currency Exchange Agreement (CEA) and retranslation of term loan,” it said.

Earnings per share was 16.85 sen while net assets per share was RM4.49.

Reviewing it s performance, PetGas said its earnings will remain stable as a result of the fixed fee structure under the Gas Processing and Transmission Agreement (GPTA) with additional earnings potential from performance based structure which is dependent on the level of production of by-products and their prices.

“The completion of the LNG Regasification Terminal in Melaka within the next twelve months will have a positive impact to the group’s earnings in terms of additional income from regasification and transportation services,” it said.

On its outlook, PetGas said prospects for the utilities business will mainly depend on petrochemical customer demand.

“Any variation in gas price will be immediately reflected in the pricing to customers,” it said.

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