PETRONAS GAS Q3 NET PROFIT FALLS 13.64 PCT TO RM431.59 MLN

KUALA LUMPUR, Nov 21 -- Petronas Gas Bhd’s net profit for the third quarter slipped 13.64 per cent to RM431.59 million from RM499.81 million in the last corresponding quarter amid lower revenue and higher repair and maintenance costs.

Revenue for the quarter ended Sept 30, 2019 was also lower at RM1.338 billion as compared with RM1.402 billion previously. It announced an interim dividend for the third quarter of 18 sen per share.

“We are focusing our effort to become the solutions partner to our customers while sustaining good operational performance at all of our assets. The Turnaround activities are to ensure assets integrity, while rejuvenation will extend the assets’ useful life for another 20 years,” managing director and chief executive officer Kamal Bahrin Ahmad said in a statement.

Petronas Gas’ current ancillary services consist of Gassing-Up-Cooling-Down (GUCD) for Liquefied Natural Gas (LNG) ships post-dry docking and LNG reloading.

“With the implementation of IMO (International Maritime Organisation) 2020, we also look forward to being the key bunkering solutions partner in the near future,” said Kamal Bahrin.

On the progress of gas market liberalisation in Malaysia, he said Petronas Gas is very supportive of the government’s initiatives on third party access as it will help to ensure the security of supply to the nation and to drive energy and economic efficiency.

“These will encourage more investors to enter Malaysia to invest in gas-related industries, and Petronas Gas will benefit from this by offering utilities solutions to the new industries,” he said.

Earlier last month, PGB witnessed the delivery of the inaugural third party LNG cargo under the Third Party Access system. The cargo was received by the company’s LNG Regasification Terminal in Sungai Udang and delivered to the customer via its Peninsular Gas Utilisation network.

For the cumulative nine months, net profit stood at RM1.45 billion, slightly lower as compared with RM1.49 billion it posted for the same period last year, while revenue stood at RM4.09 billion as against RM4.11 billion previously.

-- BERNAMA