Union Gas’ net profit falls 16.7% in H1

The company said it was due to expenses increasing by 5.8% YoY.

Union Gas Holdings Limited’s net profit fell by 16.7% year on year to $4.3m during the first half of the year.

Revenue grew 3.8% YoY due to an increase in revenue from its Liquid Fuel and newly established EV Charging Services and Industrial Gases business segments. It was partially offset by lower revenue from its Gas Fuel segment, which declined 0.8% YoY to $53.8m due to a decrease in volume. 

Other income and gains however declined by 32.7% YoY to $0.9m because of lower income from government grants and foreign exchange gains; whilst its expenses increased by 5.8% YoY, driven by an increase in marketing and distribution costs.