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BusinessToday
26-05-2025
- Business
- BusinessToday
PGB's Q1 Revenue Dips Slightly, Profit Rises 4% To RM468 Million
Petronas Gas' revenue stood at RM1,594.5 million in 1QFY25, a slight decrease of 1.5% or RM24.3 million mainly attributable to lower revenue from Gas Transportation and Regasification segments following downward tariff adjustment arising from sharing factor for prior year's lower internal gas consumption. Gross profit declined by 4.2% or RM25.5 million due to tighter margins recorded at the Gas Transportation and Regasification segments as a result of lower revenue. PBT increased by 2.4% or RM14.6 million, contributed by a higher share of profit from joint venture companies due to higher repair and maintenance incurred in the corresponding quarter. Profit attributable to equity holders for the quarter rose by 4.2% to RM468 million compared to RM456 million recorded in the previous year's quarter. Looking ahead, overall performance for the financial year 2025 is expected to remain resilient and stable, notwithstanding the operational disruption caused by the pipeline fire incident in Putra Heights on 1 April 2025. All core business segments are anticipated to maintain their strength and continue contributing positively to the Group's earnings. Based on current site conditions and the extent of asset damage – pending the outcome of official investigations –the total financial impact from repair and restoration works is estimated at approximately RM170 million. A substantialportion of this expenditure will be capitalised as part of the Company's capital expenditure, with partial cost recovery expected from insurance claim. Revenue loss attributable to the temporary service interruption is projected to be minimal at approximately RM20 million, driven by close collaboration with regulatory authorities, gas shippers, and distributors that enabled the swift restoration of pipeline services and stabilisation of supply. The total estimated profit impact from both asset restoration and revenue loss is projected to be around RM60 million for the year. In response to the incident, the Group said it is intensifying its focus on robust risk management, operational resilience, and proactive mitigation measures. PGB remains firmly committed to maintaining the highest standards of safety and operational excellence, while continuing to pursue disciplined cost management and long-term strategic growth to ensure business continuity and sustainability. Related
New Straits Times
28-04-2025
- Business
- New Straits Times
Malaysia, Italy eye deeper economic cooperation amid global trade shifts
KUALA LUMPUR: Malaysia and Italy are set to deepen economic cooperation as both nations seek stronger bilateral ties and greater collaboration between Asia and the European Union (EU). International Trade and Industry Deputy Minister Liew Chin Tong said the move comes at a crucial time as global trade dynamics face significant disruption. "We would like to see stronger collaboration between Malaysia and Italy, as well as greater partnerships between Asia and the EU," Liew said at the grand launch of Generali Malaysia's new headquarters. Liew is scheduled to meet Italy's Ministry of Enterprise Deputy Minister Valentino Valentini at the International Trade and Industry Ministry (MITI) headquarters here today. Referring to the lingering impact of United States President Donald Trump's tariff policies, Liew said countries are grappling with "a once-in-a-generation challenge," making international economic cooperation more vital than ever. "The relationship and economic cooperation between Malaysia, Italy and between Asia and the EU is very important in navigating these challenges," he emphasised. Malaysia and Italy share long-standing economic ties, particularly in sectors such as machinery, chemicals, food and beverages and automotive. Last year, total trade between the two countries reached RM14.6 billion, marking a two per cent increase from 2023. Liew's meeting with Valentini is set to lay the groundwork for new initiatives, aimed at fostering sustainable growth and resilience in an increasingly interconnected global economy.
