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    Thesun 2009-07-23 Page15 Petronas Gas To Spend Rm1bil To Revamp Ageing Plants

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    1) DiGi.Com reported lower pre-tax profits of RM323.94 million for Q2 2009 compared to RM403.97 million in Q2 2008, though revenue increased to RM1.20 billion from RM1.19 billion due to subscriber growth. 2) For the first half of 2009, pre-tax profits were lower at RM696.40 million compared to RM799.62 million in the same period in 2008 due to higher financing costs and depreciation expenses. 3) Petronas Gas plans to spend over RM1 billion in the next 3 years to upgrade aging gas processing plants in Kertih, Terengganu to improve efficiency as the plants are nearing the end of

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    Thesun 2009-07-23 Page15 Petronas Gas To Spend Rm1bil To Revamp Ageing Plants

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    1) DiGi.Com reported lower pre-tax profits of RM323.94 million for Q2 2009 compared to RM403.97 million in Q2 2008, though revenue increased to RM1.20 billion from RM1.19 billion due to subscriber growth. 2) For the first half of 2009, pre-tax profits were lower at RM696.40 million compared to RM799.62 million in the same period in 2008 due to higher financing costs and depreciation expenses. 3) Petronas Gas plans to spend over RM1 billion in the next 3 years to upgrade aging gas processing plants in Kertih, Terengganu to improve efficiency as the plants are nearing the end of

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    1) DiGi.Com reported lower pre-tax profits of RM323.94 million for Q2 2009 compared to RM403.97 million in Q2 2008, though revenue increased to RM1.20 billion from RM1.19 billion due to subscriber growth. 2) For the first half of 2009, pre-tax profits were lower at RM696.40 million compared to RM799.62 million in the same period in 2008 due to higher financing costs and depreciation expenses. 3) Petronas Gas plans to spend over RM1 billion in the next 3 years to upgrade aging gas processing plants in Kertih, Terengganu to improve efficiency as the plants are nearing the end of

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    129 views1 page

    Thesun 2009-07-23 Page15 Petronas Gas To Spend Rm1bil To Revamp Ageing Plants

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    1) DiGi.Com reported lower pre-tax profits of RM323.94 million for Q2 2009 compared to RM403.97 million in Q2 2008, though revenue increased to RM1.20 billion from RM1.19 billion due to subscriber growth. 2) For the first half of 2009, pre-tax profits were lower at RM696.40 million compared to RM799.62 million in the same period in 2008 due to higher financing costs and depreciation expenses. 3) Petronas Gas plans to spend over RM1 billion in the next 3 years to upgrade aging gas processing plants in Kertih, Terengganu to improve efficiency as the plants are nearing the end of

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    theSun | THURSDAY JULY 23 2009 15

    business

    DiGi.Com’s Q2 pre-tax profit drops

    Petronas Gas to spend RM1bil KUALA LUMPUR: DiGi.Com Bhd posted a lower pre-tax profit
    of RM323.94 million for the second quarter ended June 30, 2009
    from RM403.97 million in the same quarter 2008.
    Its revenue increased to RM1.20 billion from RM1.19 billion.
    The telco said the increase in revenue was mainly due to a
    steady increase in the subscriber base although the average

    to revamp ageing plants revenue per user (ARPU) was lower at RM54 (2008: RM59).
    For the first six months of this year, DiGi.Com recorded a lower
    pre-tax profit of RM696.40 million compared with RM799.62
    million in the same period last year.
    It said the decline was mainly due to increased finance
    costs pertaining to the additional borrowings, along with higher
    KUALA LUMPUR: Petronas Gas Going forward, efforts are focused on cost-containment measures depreciation and amortisation resulting mainly from the com-
    Bhd is planning to spend more and Petronas Gas will not cease to look for growth opportunities in mencement of the 3G spectrum amortisation and accelerated
    than RM1 billion over the next depreciation on certain end-of-life equipment during the current
    three years to upgrade its ageing
    developing its capabilities, experience and expertise.” financial period. – Bernama
    gas processing plants (GPP) in
    Kertih, Terengganu, in order to ronas Gas and Yayasan Sabah,
    improve efficiency. with equity participation of 60%
    “We have got some major and 40% respectively.
    expenditure going forward. In On the year’s outlook, Wan
    terms of expenses, we need to Zulkiflee, who is also Petronas
    revamp the plants, having come vice-president of gas business,
    close to the end of their useful said that challenging times are ex-
    life, which is about 20 years,” pected as the company’s earnings
    said its chairman Datuk Wan remained heavily correlated with
    Zulkiflee Wan Ariffin. power and industrial growth.
    Speaking to reporters after the “Going forward, efforts are
    company’s annual general meet- focused on cost-containment
    ing here yesterday, he said the measures and Petronas Gas
    expenditure for the upgrading is will not cease to look for growth
    not going to affect company prof- opportunities in developing
    its, as it was part of the capital its capabilities, experience and
    expenditure allocated. expertise,” he added.
    Petronas Gas currently oper- With cash and cash equiva-
    ates six GPP, four of which are in lents of RM1.9 billion, Wan
    Kertih and an additional two in Zulkiflee said Petronas Gas
    Paka, Terengganu. The two plants would look for opportunities that
    that will undergo upgrading are meet the company’s risk profile.
    the GPP 2 and GPP 3 in Kertih. For the financial year ended
    Touching on the development March 31, 2009, Petronas Gas
    of the Kimanis power plant project recorded a lower net profit of
    in Sabah, Wan Zulkiflee said the RM928 million from RM1.092
    company is currently undertaking billion last year, while revenue
    some front-end engineering, add- rose to RM3.415 billion from
    ing that, the facility is expected to RM3.125 billion previously.
    be operational by late 2013. According to Wan Zulkiflee,
    Asked about the contribution the lower net profit is due to the
    from the project, Wan Zulkiflee rising cost of operations and fuel
    said: “We are not in a position gas prices.
    to determine the numbers yet as However, Petronas Gas was
    we need to do more work to get able to mitigate the increase in
    a better handle as to the cost and operating costs via the imple-
    capital expenditure.” mentation of a cost pass-through
    The 300-megawatt gas power arrangement with Petronas for
    plant project located at Papar gas internally consumed, and
    is being jointly developed with the execution of revised pricing
    Yayasan Sabah to meet the grow- agreements with its utility cus-
    ing demand for electricity in the tomers, he added.
    state. At the AGM, shareholders ap-
    The power plant and associ- proved a dividend payout ratio
    ated facilities, including the gas of 96% for financial year ended
    pipeline will be operated by a March 31, 2009 from 76% previ-
    joint-venture company of Pet- ously. – Bernama

    China wants greater financial


    cooperation among Asean+3
    PHUKET: China has called for the Asean+3 to address short-term
    greater cooperation among finan- liquidity difficulties in the region.
    cial institutions and regulators in He said the grouping should
    Asean+3 to tackle the economic continue to promote the CMIM and
    crisis. finalise its agreement by year-end.
    Its foreign minister Yang Jiechi Asean and its three partners
    said it was important for agencies agreed to strengthen the regional
    such as central banks and financial self-help financial mechanism
    authorities of the 10-member with a total fund of US$120 bil-
    Asean, China, Japan and South lion (RM420 billion) as agreed by
    Korea to cooperate and enhance Asean+3 finance ministers at a
    financial stability. meeting in Bali last May.
    “We should intensify cooperation Under the proposed sharing
    among financial institutions, central formula, Asean would contribute
    banks and regulators,” he said at 20% to the pool with the rest from
    the Asean+3 Foreign Ministers’ the three partners.
    Meeting held yesterday. China and Japan would each
    According to him, a key contribute US$38.4 billion (RM134.4
    mechanism was the Chiang Mai billion) to the CMIM while South
    Initiative Multilateralisation (CMIM), Korea’s share is US$19.2 billion
    a regional pooling reserve set up by (RM67.2 billion). – Bernama

    Quota-based 3.33b ASM units sold out


    KUALA LUMPUR: All 3.33 billion The units were part of the 3.33
    quota-based Amanah Saham billion additional ASM units an-
    Malaysia (ASM) units offered for nounced by Prime Minister Datuk
    sale by Permodalan Nasional Bhd Seri Najib Abdul Razak when
    (PNB) have been sold out, said PNB, launching the Malaysia Unit Trust
    Malaysia’s largest fund manager. Week in Johor Baru on April 20.
    PNB offered the balance of 1.6 This is the first time a
    billion unsubscribed ASM units race-based quota system was
    including the bumiputra quota to introduced for the ASM unit trust
    all Malaysians on Tuesday. scheme. – Bernama

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