Business

PetGas’ Q1 net profit rises to RM424.18 mil due to lower tax expenses

Revenue also up 14.9% to RM1.67 bil

Updated 3 years ago · Published on 22 May 2023 3:25PM

PetGas’ Q1 net profit rises to RM424.18 mil due to lower tax expenses — Petronas Gas Bhd has seen a revenue bump in the first quarter of 2023, mainly contributed by higher revenue from the utilities segment. – SAIRIEN NAFIS/The Vibes file pic, May 22, 2023

KUALA LUMPUR – Petronas Gas Bhd’s (PetGas) net profit for the first quarter ended March 31, 2023 (Q1 2023) rose to RM424.18 million from RM410.58 million posted in the same quarter last year due to lower tax expenses.

Revenue jumped 14.9% to RM1.67 billion from RM1.46 billion previously, mainly contributed by higher revenue from the utilities segment in line with higher product prices.

In a filing with Bursa Malaysia today, PetGas said earnings per share also increased by 3.3% to 21.44 sen in Q1 2023 from 20.75 sen in the previous corresponding quarter, reflecting higher profit attributable to company shareholders. – Bernama, May 22, 2023

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