Earnings drop due to rising costs of sales and decreased contributions from joint venture partners.
Gas Malaysia was established to sell, market and distribute natural gas as well as to operate and maintain the Natural Gas Distribution System in Peninsular Malaysia.
The group witnessed an uptick in cost of sales, rising from RM1.62 billion to RM1.87 billion. Simultaneously, administrative expenses also saw an increase, climbing to RM21.01 million from RM16.96 million. This was primarily driven by an elevated average selling price of natural gas, although this increase was tempered by a reduced volume of natural gas sold.
However, the cost of sales experienced a nearly parallel surge, reaching RM4.16 billion, marking a notable increase of 27.22% from RM3.27 billion previously.
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