KUALA LUMPUR: PETRONAS GAS BHD [] (PetGas) net profit for the fourth quarter ended March 31, 2011 jumped 32.4% to RM266.66 million from RM201.39 million a year earlier due mainly to higher gas transportation revenue and utility sales.
Revenue rose to RM891.19 million from RM802.21 million. Earnings per share was 13.48 sen while net assets per share was RM4.28.
The company has proposed a final dividend of 35 sen per share under single tier system amounting to RM692.56 million for the financial year ended March 31, 2011, subject to shareholder approval at its next annual general meeting.
For the financial year ended March 31, PetGas's net profit rose to RM1.44 billion from RM940.89 million a year earlier, on the back of revenue RM3.52 billion.
Commenting on its prospects, PetGas said on Wednesday, My 11 that revenue from the new fee structure under the Gas Processing and Transmission Agreement (GPTA) was dependent on the volume of the gas processed at the gas processing plants as well as volume of gas delivered directly into the pipeline network.
The performance based structure will continue to provide PetGas with additional earnings potential which is dependent on the level of production of by-products and their prices, it said.
As internal gas consumption is provided by Petronas, PetGas's exposure to fuel gas price fluctuation is eliminated, it said.
'The revised terms under the GPTA do not introduce new operating risks to PetGas; it better defines the obligations of the parties to the GPTA.
'Prospects for the utilities business will mainly depend on petrochemical customer demand. Any variation in gas price will be reflected in the pricing to customers,' it said.
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Revenue rose to RM891.19 million from RM802.21 million. Earnings per share was 13.48 sen while net assets per share was RM4.28.
The company has proposed a final dividend of 35 sen per share under single tier system amounting to RM692.56 million for the financial year ended March 31, 2011, subject to shareholder approval at its next annual general meeting.
For the financial year ended March 31, PetGas's net profit rose to RM1.44 billion from RM940.89 million a year earlier, on the back of revenue RM3.52 billion.
Commenting on its prospects, PetGas said on Wednesday, My 11 that revenue from the new fee structure under the Gas Processing and Transmission Agreement (GPTA) was dependent on the volume of the gas processed at the gas processing plants as well as volume of gas delivered directly into the pipeline network.
The performance based structure will continue to provide PetGas with additional earnings potential which is dependent on the level of production of by-products and their prices, it said.
As internal gas consumption is provided by Petronas, PetGas's exposure to fuel gas price fluctuation is eliminated, it said.
'The revised terms under the GPTA do not introduce new operating risks to PetGas; it better defines the obligations of the parties to the GPTA.
'Prospects for the utilities business will mainly depend on petrochemical customer demand. Any variation in gas price will be reflected in the pricing to customers,' it said.
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