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Gas Malaysia's Q1 at RM34.54m on margin compression

KUALA LUMPUR: Gas Malaysia Bhd's earnings fell 53.5% to RM34.54mil in the first quarter ended March 31, 2012 from RM74.41mil a year ago as its earnings were affected by a margin compression.

Gas Malaysia, which will be listed next Monday, said its revenue increased 9.2% to RM506.58mil from RM464.06mil.

"The profit before taxation for the first quarter ended March 31, 2012 was RM46.1 million, a decrease of 53.5% [COLOR=red]compared to RM99.2mil in the corresponding period last year," it said in a statement to Bursa Malaysia.

Commenting on its business, Gas Malaysia said the increase in natural gas and liquefied petroleum gas segment's revenue in Q1, 2012 to RM506.6mil from RM464mil a year ago was mainly due to higher volume of gas sold by 1.5% and the upward revision in tariff which was effective from June 1, 2011.

"The lower profit before taxation for Q1, 2012 by RM53.1mil compared to the corresponding period last year was mainly due to margin compression resulting from the revision in gas tariff," it explained.