money

Gas Malaysia’s profit improves on higher sales

KUALA LUMPUR, Feb 15 — Gas Malaysia Bhd boosted its pre-tax profit by 16.6 per cent to RM248.18 million for the financial year ended Dec 31, 2017 (FY17), driven by an increase in the volume of gas sold.

This was on the back of a 32 per cent rise in revenue to RM5.35 billion, the piped gas provider announced to Bursa Malaysia today.

Gas Malaysia said the increase in group’s revenue was due to the higher volume of gas sold and higher natural gas tariff, which in turn resulted in higher profits.

Moving forward, it said the group was expected to sustain the yearly increase in gas sales volume and number of customers for the financial year 2018 (FY18).

The profitability inFY18 was expected to be in tandem with the level of the prevailing natural gas tariffs, it added. — Bernama

MORE ON MMOTV