By Gho Chee Yuan
Nikkei Markets
KUALA LUMPUR (Nov 10) -- Petronas Gas, the gas processing arm of Malaysia's national oil and gas firm Petronas, said Friday its net profit for the third quarter fell 1.2% on year on higher depreciation and rise in utilities cost of sales.
Net profit for the three months ended Sep. 30 stood at 417.43 million ringgit ($99.57 million) compared to 422.71 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue was almost flat at 1.16 billion ringgit.
Petronas Gas said its liquefied natural gas regasification terminal in the state of Johor, has commenced commercial operation this month and will contribute to its revenue stream. The terminal has a total capacity of 490 million standard cubic feet per day.
The company expects performance to remain stable amidst the challenging economic environment on the back of its strong and sustainable income streams from existing Gas Processing Agreement, Gas Transportation Agreements and Regasification Service Agreement signed with Petroliam Nasional.
- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
- Edited by Abhijit Basu
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