By Chester Tay
Petronas Gas Bhd.'s net profit for the second quarter rose 8.8%, driven by higher unrealized foreign-exchange gains and a bigger share of profit from a joint venture.
Net profit for the April-June period rose to 547.1 million ringgit ($130.8 million), while revenue increased 1.4% to MYR1.40 billion, the gas infrastructure and centralized utilities company said Wednesday.
For the first half of 2020, the company's net profit fell 10% to MYR915.2 million, although revenue rose 1.8% to MYR2.80 billion.
Petronas Gas said the Covid-19 pandemic isn't expected to significantly affect its overall earnings, as the group's business model and long-term contracts ensure steady revenue streams, particularly for its gas processing, gas transportation and regasification business segments.
Write to Chester Tay at firstname.lastname@example.org