GASMSIA (5209) - Gas Malaysia 4Q net profit down 41.9% on lower gross profit
KUALA LUMPUR (Feb 12): Gas Malaysia Bhd's (fundamental: 2.1; valuation: 0.9) net profit more than halved to RM23.34 million for the fourth quarter ended Dec 31, 2014 (4QFY14) from RM40.16 million a year ago, due to lower gross profit resulting from increased in gas cost mainly due to the higher liquefied natural gas (LNG) price.
Revenue for 4QFY14, however, grew 29.2% to RM780.5 million from RM604.24 million in 4QFY13, mainly due to higher volume of gas sold and the upward revision of natural gas tariff. Earnings per share (EPS) fell to 1.82 sen from 3.13 sen in 4QFY13.
The company also declared a second interim dividend of 4 sen per share amounting to RM51.36 million for the financial year ended Dec 31, 2014 (FY14), payable on March 25.
For the full year (FY14), Gas Malaysia saw its net profit fall 2.2% to RM167.63 million from RM171.44 million the previous year, also due to the lower gross profit resulting from increased in gas cost caused by higher LNG price.
Revenue for FY14 rose 19.7% to RM2.77 billion from RM2.32 billion in FY13, primarily driven by the increase in volume of gas sold and number of customers, as well as the upward revisions of natural gas tariff effective May 1, 2014 and Nov 1, 2014. EPS for FY14 was down slightly to 13.06 sen from 13.35 in FY13.
Going forward, Gas Malaysia anticipates that the increase in gas volume and number of customers to sustain in FY15.
"However, due to the new tariff setting mechanism, the gas cost is expected to increase mainly due to the higher volume of LNG to be purchased at market price," it said in a filing with Bursa Malaysia today.
"Thus, the board is of the opinion that the profitability of the group for FY15 will be in tandem with the level reflecting the current framework," it added.
In a separate filing, Gas Malaysia announced that Ahmad Hashimi Abdul Manap, 51, has been appointed as chief executive officer (CEO) of the company.
Ahmad Hashimi was appointed as the company’s acting CEO since July 1 last year. He joined Gas Malaysia since its inception in 1992 and had held various positions of general manager (GM), deputy GM, regional manager and engineering manager.
In January 2014, he was appointed as chief operating officer of technical.
Gas Malaysia’s counter closed unchanged at RM3.14 today, bringing a market capitalisation of RM4.03 billion.
http://www.theedgemarkets.com
KUALA LUMPUR (Feb 12): Gas Malaysia Bhd's (fundamental: 2.1; valuation: 0.9) net profit more than halved to RM23.34 million for the fourth quarter ended Dec 31, 2014 (4QFY14) from RM40.16 million a year ago, due to lower gross profit resulting from increased in gas cost mainly due to the higher liquefied natural gas (LNG) price.
Revenue for 4QFY14, however, grew 29.2% to RM780.5 million from RM604.24 million in 4QFY13, mainly due to higher volume of gas sold and the upward revision of natural gas tariff. Earnings per share (EPS) fell to 1.82 sen from 3.13 sen in 4QFY13.
The company also declared a second interim dividend of 4 sen per share amounting to RM51.36 million for the financial year ended Dec 31, 2014 (FY14), payable on March 25.
For the full year (FY14), Gas Malaysia saw its net profit fall 2.2% to RM167.63 million from RM171.44 million the previous year, also due to the lower gross profit resulting from increased in gas cost caused by higher LNG price.
Revenue for FY14 rose 19.7% to RM2.77 billion from RM2.32 billion in FY13, primarily driven by the increase in volume of gas sold and number of customers, as well as the upward revisions of natural gas tariff effective May 1, 2014 and Nov 1, 2014. EPS for FY14 was down slightly to 13.06 sen from 13.35 in FY13.
Going forward, Gas Malaysia anticipates that the increase in gas volume and number of customers to sustain in FY15.
"However, due to the new tariff setting mechanism, the gas cost is expected to increase mainly due to the higher volume of LNG to be purchased at market price," it said in a filing with Bursa Malaysia today.
"Thus, the board is of the opinion that the profitability of the group for FY15 will be in tandem with the level reflecting the current framework," it added.
In a separate filing, Gas Malaysia announced that Ahmad Hashimi Abdul Manap, 51, has been appointed as chief executive officer (CEO) of the company.
Ahmad Hashimi was appointed as the company’s acting CEO since July 1 last year. He joined Gas Malaysia since its inception in 1992 and had held various positions of general manager (GM), deputy GM, regional manager and engineering manager.
In January 2014, he was appointed as chief operating officer of technical.
Gas Malaysia’s counter closed unchanged at RM3.14 today, bringing a market capitalisation of RM4.03 billion.
http://www.theedgemarkets.com
