♦ Above expectations. 1QFY3/11 net profit of RM382.8m (+88% qoq, +42.3% yoy) was above expectations, accounting for 31% and 33% of our and consensus full-year estimates respectively. The better-than-expected earnings came largely on the back of the 1) higher transportation fees (Capacity Reservation Charge) charged on a zoning basis under the 4th term Gas Processing And Transmission Agreement (which came into effect on 1 Apr); and 2) lower operating costs (as internal gas consumption is now provided by Petronas) that led to higher EBIT margins (+23.8ppts
qoq, +13.7 yoy).
Petronas Gas Berhad : Off To A Good Start - 30/08/2010
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