Business

Petronas Gas posts RM1.8b pre-tax profit

February 21, 2013

KUALA LUMPUR, Feb 21 – Petronas Gas Bhd posted a pre-tax profit of RM1.84 billion and RM3.58 billion revenue for the 12 months of operations ended Dec 31, 2012.

On gas processing, revenue for 2012 fell by RM206.7 million from the same period in 2011 mainly due to lower performance based structure income, driven by lower export volume of propane and butane, the company said.

“The impact of lower volume, however, was negated by improved realised propane and butane prices,” Petronas Gas said in a filing to Bursa Malaysia.

The company said the gas processing segment results dwindled by RM161.5 million in line with the lower revenue, partially offsetted by lower staff costs, material and supplies.

On prospects, the company said its earnings would remain stable on the back of the fixed fee structure under the Gas Processing and Transmission Agreement, with additional earning potential from performance based structure, dependent on the level of production of by-products and their prices, it said.

“The contribution from the company’s liquefied natural gas regasification terminal business in Melaka is expected to be reflected in the company’s earnings in the second quarter of financial year 2013,” the company added. – Bernama

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