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Petronas Gas posts higher Q1 earnings, approves 16 sen dividend

KUALA LUMPUR, May 28 (Bernama) -- Petronas Gas Bhd’s (PetGas) net profit rose to RM515.46 million in its first quarter ended March 31, 2019, against RM483.22 million a year earlier due to unrealised foreign exchange (forex) gain and higher share of profit from a joint-venture company.

In a filing with Bursa Malaysia today, the group said the forex gain of RM52.5 million arose due to the discontinuance of hedge accounting on US dollar lease liabilities for floating storage units at its liquefied natural gas regasification terminal Sungai Udang, Melaka.

The higher share of profit was due the completion of the group’s air separation unit project in Pengerang during the period.

Meanwhile, revenue for the quarter rose to RM1.37 billion from RM1.35 billion in the previous year's corresponding period.

The company said stronger revenue for the quarter was attributable to higher revenue from gas processing and utilities segments arising from improved reservation charge under the second term gas processing agreement (GPA) with its parent Petroliam Nasional Bhd and higher prices following upward fuel gas price revision, respectively.

“These offset the impact under Incentive Based Regulation for the gas transportation and regasification segments,” it said.

Earnings per share improved by 6.7 per cent to 26.05 sen compared to 24.42 sen a year ago, reflecting higher net profit attributable to shareholders of the company.

PetGas also announced a first interim dividend of 16 sen per share amounting to RM316.6 million in respect of the financial year ending Dec 31, 2019.

It said on Dec 31, 2018, the Energy Commission has approved the tariffs for the gas transportation and regasification services for the pilot regulatory period in 2019.

"While the tariffs are expected to affect the group's transportation and regasification business segment revenues in 2019, both segments are anticipated to continue contributing positively to the group's earnings,” it said.

“The group’s gas processing segment is expected to deliver improved earnings pursuant to the higher fixed reservation charge under the second term of the 20-year GPA effective from 2019 until 2023,” it added.

-- BERNAMA

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