Gas Malaysia Berhad Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year Ending 31 December 2017
For the six months, the company's revenue was MYR 2,474,357,000 compared to MYR 1,935,048,000 a year ago. Profit before zakat and taxation was MYR 96,420,000 compared to MYR 89,447,000 a year ago. Net profit was MYR 72,925,000 compared to MYR 70,164,000 a year ago. Net profit attributable to owners of the Parent was MYR 73,201,000 compared to MYR 70,353,000 a year ago. Diluted earnings per share was 5.70 sen compared to 5.48 sen a year ago. Net cash flows used in generated from operating activities was MYR 7,178,000 compared to net cash generated from operating activities of MYR 321,937,000 a year ago. Purchase of property, plant and equipment was MYR 47,175,000 compared to MYR 43,380,000 a year ago.
The growth in revenue for the financial period ended 30 June 2017 was primarily driven by the increase in volume of gas sold and revisions in gas tariff. The Board anticipates that the yearly increase in gas sales volume and number of customers to sustain for financial year 2017. The profitability of the Group for the financial year ending 31 December 2017 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework.