Petronas Gas sees dip in Q2 profit, impacted by pipeline blaze
The Putra Heights pipeline explosion in April slightly dented Petronas Gas Bhd’s (PGB) quarterly earnings as the group recognised the cost incurred for gas supply restoration works.
Its net profit dipped 2.3% to RM450.1 million for the second quarter ended June 30 (Q2 FY2025) from RM468.9 million a year ago as revenue fell and expenses rose. Revenue fell 3.5% year-on-year (y-o-y) to RM1.59 billion from RM1.64 billion, it said in a bourse filing yesterday.
For the first six months of FY2025, net profit was 0.7% lower at RM918.9 million from RM925.6 million last year while revenue slipped 2.5% y-o-y to RM3.18 billion.
TA Research said the group’s first half core net profit came in “within expectations”, accounting for 49% of its and street estimates.
On the drop in Q2 profit, it said PGB was mainly dragged by the gas…
