KUALA LUMPUR, Aug 18 ― MIDF Research has maintained its earnings estimates for Gas Malaysia Bhd for financial year ending December 31, 2021 on the back of higher gas cost.
The research firm opined that with the current high demand for liquefied natural gas and tight global supply, gas selling price will continue to grow in the near term, in addition to the gradual liberalisation that will effectively synchronise the local gas market with international gas market. Gas Malaysia’s net profit for its second quarter ended June 30, 2021 rose to RM62.34 million from RM44.62 million in the previous corresponding period, mainly due to the higher gross profit and lower finance cost that was offset by higher operating expenses and higher share of losses from the group’s joint ventures.
Early this year, the Malaysian Gas Association announced that the local gas market is expected to be fully eased up in 2022 as a next step forward in attracting third party shippers into the market by importing LNG that will be supplied to local industries.
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