Highlight: PetGas 4Q profit jumps 33% y-o-y to RM394m

Does The Edge website purposely make it had to use the c-C and c-V commands?

Dateline 2014-02-10, The Edge:

Petronas Gas Bhd (PetGas)’s net profit jumped 33% year-on-year (y-o-y) to RM394 million in the fourth quarter ended Dec 31, 2013, from RM295 million in the fourth quarter of 2012.

Revenue also rose 13% y-o-y to RM1.028 billion, from RM909 million.

The company proposed a final dividend of 40 sen per ordinary share under a single tier system for the financial year ended Dec 31, 2013. This amounts to RM791 million.

In a statement to Bursa Malaysia, PetGas said the profit increase was in line with the increase in revenue. In addition, there was higher other income and share of profit from associate and joint ventures.

The firm also said its larger profit was due to lower tax expense resulting from a change in deferred tax estimates. This came on the back of a lower future statutory tax rate.

PetGas said its revenue increase was largely due to regasification revenue. This followed commencement of the LNG Regasification Terminal operations in the second quarter last year and higher gas transportation revenue.

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