KUALA LUMPUR: Gas Malaysia Bhd's net profit in the second quarter (Q2) ended June 30, 2021, jumped 39.7 per cent to RM62.34 million from RM44.62 million posted a year ago.
In an exchange filing today, the energy solutions provider said this was mainly contributed by higher gross profit and lower finance cost, offset by higher operating expenses and a higher share of losses from the company's joint ventures.
Its Q2 revenue shrunk 10.4 per cent to RM1.38 billion from RM1.54 billion, dragged by lower average natural gas tariff during the period.
For the first-half period ended June 30, 2021, Gas Malaysia's net profit 27.5 increased per cent to RM117.97 million from RM92.49 million, while revenue decreased 19.7 per cent to RM2.53 billion from RM3.15 billion.
The company said that the Covid-19 pandemic had profoundly impacted business activities and the Malaysian economy.
The re-imposition of mandatory control order measures from June 1, 2021, to curb the resurgence in Covid-19 cases is expected to dampen the growth momentum.
"However, the gradual easing of restrictions together with the progress of the country's vaccination programme is expected to support and promote the economic recovery.
"Amidst prevailing uncertainties, the company will continue to be vigilant and take appropriate and timely measures to sustain the group's profitability for the financial year 2021," it added.