KUALA LUMPUR (Aug 8): Gas Malaysia Bhd reported a 42% jump in its net profit for the second quarter ended June 30, 2018 (2QFY18), to RM48.07 million from RM33.76 million in the year-ago quarter, thanks to a higher volume of natural gas sold and higher natural gas tariff.

Earnings per share for 2QFY18 rose to 3.74 sen from 2.63 sen a year ago. The group's quarterly revenue was up 17% to RM1.5 billion from RM1.28 billion previously.

It declared a first interim dividend of 4.5 sen for the quarter, to be paid on Sept 26, its stock exchange filing today showed.

For the cumulative first half ended June 30 (1HFY18), Gas Malaysia reported a 33% rise in net profit to RM88.29 million from RM66.19 million a year ago, mainly due to an increase in volume of natural gas sold. Revenue was up 19% to RM2.94 billion from RM2.47 billion, on the higher volume as well as higher natural gas tariff.

Gas Malaysia's board anticipates that it will be able to sustain its yearly growth in terms of sale of natural gas and customer base for FY18.

“The profitability of the group for FY18 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it said.

Gas Malaysia shares slid 3 sen or 1% today to settle at RM2.93, for a market capitalisation of RM3.76 billion.