Malaysia: Petronas Profit Jumps Up

Petronas Profit Jumps

PETRONAS Gas Berhad announced the unaudited condensed consolidated financial statements of PGB Group for the second quarter ended 30 June 2013.

The Group’s revenue for the quarter ended 30 June 2013 was RM930.8 million, an increase of RM43.4 million or 5% compared to the corresponding quarter in 2012 mainly attributed to regasification revenue and higher gas transportation revenue and performance based structure income.

Despite higher revenue, profit before tax decreased by RM110.1 million primarily due to gain from disposal of shareholding in Gas Malaysia Berhad (GMB) of RM100.0 million in the corresponding quarter. Recognition of deferred tax assets arising from investment tax allowance granted for the LNG Regasification Terminal in Melaka amounting to RM591.6 million contributed to higher profit for the quarter by RM486.1 million.

Gas Processing

Revenue for the quarter was higher by RM10.0 million as compared to the corresponding quarter in 2012 mainly driven by higher performance based structure income for propane resulting from higher export volume. Accordingly, segments results for Gas Processing increased by RM11.1 million in tandem with the increase in revenue.

Gas Transportation

Gas Transportation segment registered revenue of RM292.4 million for the quarter compared to RM278.3 million for the same quarter last year, reflecting an increase of RM14.1 million on the back of higher transportation capacity booked by customer. Segment results for the quarter improved by RM13.6 million supported by the increase in revenue.

Utilities

Revenue for the quarter was marginally higher by RM1.9 million as compared to the corresponding quarter in 2012 primarily contributed by higher revenue from industrial gases and demin water negated by lower revenue from electricity. Utilities segment registered segment results of RM46.0 million, increased by RM3.1 million as compared to the same quarter last year following the aforesaid increase in revenue.

Regasification

Regasification segment registered revenue of RM17.4 million for the quarter as a result of commencement of the LNG Regasification Terminal operations during the quarter. However, the segment registered loss of RM2.8 million for the quarter due to its pre-operating expenses.

1 Malaysian ringgit = 0.302939 U.S. dollars
[mappress]
LNG World News Staff, August 23, 2013