Good day, and thank you for standing by. Welcome to the PETRONAS Gas Berhad Q1 FY 2021 analyst briefing. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your first speaker today, Izan Hajar Ishak. Thank you. Please go ahead.
Thank you, Rochelle. Assalamualaikum and good evening, everyone. Thank you for joining our session today for PETRONAS Gas Berhad analyst briefing for quarter ended 31st March 2021. I'm Izan from Investor Relations. I hope it's not too late to wish Selamat Hari Raya. Maaf Zahir Batin. Hope everyone managed to celebrate the festivity in the best way that we can. With us from PGB, we have Encik Abdul Aziz Othman, Managing Director and CEO, Puan Shariza Sharis binti Mohd Yusof, CFO, and Encik Abdul Razak bin Saim, Head of Business Development and Commercial. For your information, we are all on full virtual mode today, dialing in from our respective homes. Therefore, please excuse any disturbances that may come our way during the session today. Okay. We will start the briefing with highlights, company performance updates, and to be followed by Q&A.
For reference, our financial results is available at both Bursa Malaysia and PGB website. The presentation material for today's analyst briefing is also available at our website and at the webcast host platform. Without further ado, I'll hand over to Encik Aziz to start the briefing. Aziz?
Thank you, Izan. Everybody can hear me, right? Okay.
Yes, we can hear you.
Assalamualaikum, good evening, everyone. Again, Selamat Hari Raya, if it's not too late, with the situation with COVID, please stay safe, everybody. First and foremost, let me start the briefing with the external environment and challenges that we have to navigate to run the business during this first quarter. During the period, as you can see from the slide, Malaysian GDP recorded better than expected performance of still negative territory, -0.5%, despite the imposition of MCO 2.0 during the quarter. The Industrial Production Index, IPI, grew 9.3% in March 2021 as compared to the same month of the previous year. The growth of IPI in March 2021 was mainly driven by manufacturing and electricity index, which increased 12.7% and 10.3% respectively. If compared to the same period last year, during the MCO last year, the total gas demand was around 1,500 or thereabout.
This year, despite the imposition of MCO 3.0, the gas demand has still stay at the normal level of about 2,000 to 2,100. The demand is sustaining. In as far as COVID situation, movement continue to be restricted. Later, we'll show how we are responding to this operation-wise. Of course, you can see from the slide, compared to last year, the number of cases of COVID, at the start of MCO last year, around 100, then the country or the government managed to reduce it to very low level of about 24. Today, it has gone back to more than 1,000, and of course, in this period has gone to almost 5,000. Today, in the last, I heard about just now, has gone above 7,000 to about 7,200. The challenges is much higher than what we experienced before.
Despite the much higher cases of COVID, so far our barrier management has been successful with manageable cases for our staff. Very minimal cases has been experienced throughout our operation. Okay. If we can go to the next slide. How did we do in the midst of these challenges? In the first quarter of 2021, our business was operating as usual, despite the challenges that I mentioned from the perspective of health matter and economic condition. Operationally, our plant and facilities sustained high reliability across all our business segments, resulting in the gas processing business achieving the agreed target incentives. Also, earlier this year in January, we successfully launched our first remote operation center, what we call ROC, at our Kerteh site in Terengganu.
The ROC is able to monitor our utilities operation in Gebeng, Kuantan remotely from Kerteh, and this initiative was made possible by leveraging on technology has actually facilitated our transition towards having a consolidated view of our operation to increase efficiency and effectiveness. By October this year, Inshallah, we will have full remote operation of gathering from our Paka facilities. Commercially, PGB is supported by our long-term agreement with PETRONAS and other customers. With the certainty of gas processing agreement and the tariff imposed per the contract on the regulated business, i.e., the gas transportation and regasification, about 90% of our earnings should remain stable for the next two years. In addition, while we have the steady revenue, we have new income from ancillary services that serve to complement our core businesses.
We also played a key role in the third-party access, as we successfully unloaded another third-party LNG cargo regasified and delivered it to the designated customer. During the first quarter briefing, I mentioned about growth. As for growth, we are focusing on exploring new opportunities. Work on the lateral gas pipeline to Pulau Indah, which we have announced in February, is progressing as planned. Inshallah, the first laying of the pipe should commence sometime in August. We are also working on relocating two of our compressors to bottleneck the Southern region pipeline to meet the demand for which we have seen increase tremendously in the Southern sector. Again, for the growth, more projects is in the pipeline, and we will announce accordingly in due time. We can move further to the next slide. Looking at financials.
For the quarter ended 31st March 2021, PGB recorded MYR 1.3 billion revenue, lower than the preceding and the same quarter last year. This was mainly due to low revenue from the utility segment, which depending on the gas price, which was lower, so in such case, affecting the sales price to customer. As you all are aware, the sale gas price was based on the regulated price in reference to market price. Nevertheless, despite low revenue, the group gross profit was higher at MYR 712 million on the back of lower operating costs across all segments. Consequently, the profit after tax was also higher at MYR 540 million, as the higher gross profit was further supported by favorable foreign exchange movement compared to the same quarter last year. Later, Sharis will be presenting more details on our financials. If we can go to the next slide on operational excellence.
Okay, we are on the slide. The operation at our gas processing plant continued to operate as usual. This is despite the MCO, as I've mentioned. The OEE or the overall equipment effectiveness remained within range for both C1 and C2 products. We achieved 99.9% sales gas reliability, which demonstrated our commitment to the customers. The high level of efficiency also resulted in about MYR 24.2 million of performance incentive achieved. The incentive consists of ability to produce ethane, propane, and butane on a sustainable basis, as well as internal gas consumption. This achievement also was leveraged on digital initiatives that we have undertaken, and one of the things that we have done was having a technical center where we monitor all critical equipment parameters and catching whatever the potential issues with the equipment and tackling it before it become an issue and subsequently tripping the plant.
Those achievements in digital initiative have contributed to this performance incentive, as I've mentioned. If we can move on to the next slide on the gas transportation and regasification. Pipeline network reliability was sustained at 100%, and for the quarter, we delivered an average of 1.96 billion standard cubic feet per day of sale gas to the customers. For the regasification business, both RGT Sungai Udang and RGT Pengerang sustained each OEE level at 100%. During the quarter, as I mentioned just now, RGT Sungai Udang received one cargo, while RGT Pengerang received five cargoes, making it a total of six cargoes received so far for the year. If I can move to the next slide on utilities. During the quarter, there was lower volume of electricity delivered due to lower off take from our customer compared to the same quarter last year.
If everybody can recall, last year first quarter, there was no MCO. This year we are still stuck with MCO or whatever form of movement restriction that has been happening throughout the last one year. On the other hand, the off take of steam has increased in line with the first delivery to our new customer, Polyplastics Asia , in quarter four last year. As for industrial gases, the higher volume was mainly because of lower off take in quarter one 2020, mainly due to customer turnaround at that time. Overall, we continue to fulfill the customers' demand with 100% product delivery recorded across all products. Ladies and gentlemen, that's all for operational performance. We will next move to financial segment with Sharis. Over to you, Sharis.
Thank you, Encik Aziz. Assalamualaikum and a very good evening, everyone. I do hope everyone is keeping well under the circumstances. Selamat Hari Raya as well to those celebrating. I'll be taking you through the financials. If you could turn to page 14, we will start with the segmental performance for gas processing segment. In quarter one 2021, as articulated by Encik Aziz, the business continued to run despite the several phases of MCO imposed by the government. Against the preceding quarter four 2020, we saw slightly higher revenue at MYR 479 million, while gross profit improved by 8% to MYR 243 million, mainly due to lower operating costs. Against the corresponding quarter one 2020, revenue remained comparable. Segment results improved by 90%, also on the back of lower operating costs. Moving on to gas transportation segment on page 16.
Under the incentive-based regulation, the regulatory period 1 or RP1 tariff for the PGU pipeline network remains unchanged for 2021. Comparing against last year at Q4 2020, we saw slightly lower revenue by 2% at MYR 288 million, basically due to lower number of operating days, while gross profit rose by 14% to MYR 198 million, mainly due to lower operating costs. This compared to the preceding quarter, where we saw a higher level of operations and maintenance activities undertaken. Against the corresponding quarter or same period last year, Q1 2020, revenue was also slightly lower by 2%, similarly due to lower number of operating days, while segment profit was higher by 5%, again due to lower operating costs. This includes lower internal gas consumption or IGC costs. Moving on to regasification on page 16.
Similarly, the RP1 tariff remained unchanged for the year for both our Regasification Terminals. Compared to the preceding quarter, Q4 2020, we saw a decline in revenue by 2% to MYR 348 million. Again, this was really due to the lower operating days in terms of calendar days at both RGT facilities, while segment results increased by 20% to MYR 197 million as we recorded lower operational expenses. Against the corresponding quarter, Q1 2020, we saw a slight improvement in terms of revenue by 1%. This is in line with the introduction of new revenue streams, mainly the LNG reloading for bunkering at our Sungai Udang Regasification Terminal, and also the LNG truck loading activities at the Pengerang Regasification Terminal. Gross profit increased by 19% on the back of lower operating costs, mainly in relation to IGC or Internal Gas Consumption. Last but not least, for utility.
The segment was recently affected by the revision of, or lower fuel gas price following the changes in pricing from regulated price to reference market price, which took effect 1st November 2020. As far as the utilities revenue is concerned, for all of our products, we are allowed to pass through the fuel gas cost due to the pricing structure, with the exception of electricity, because electricity price is regulated. When there is a lower or a reduction in fuel gas price, which was the case in quarter one, the margin for our electricity volumes benefited from the movement, and hence we saw a favorable movement in terms of gross profit.
Comparing the quarter against preceding quarter, Q4, although revenue was lower by 13% due to the lower product prices, segment gross profit remained comparable because we saw lower operating costs in relation to the fuel gas cost. This mitigated the lower revenue impact. Against Q1 FY 2020, similar trending. Revenue was also lower by 16%, again due to the impact of the fuel gas price on the pricing of our products. Although we did register higher sales volume. In comparison, our segment gross profit surged by 127%. As mentioned, this is due to the favorable margin impact of the lower fuel gas on our electricity sales, as well as lower depreciation expense. On the next page, we have the impact at group level. Just to elaborate a bit on what Aziz had already mentioned earlier.
Against preceding quarter four 2020, group revenue was MYR 1.34 billion, lower by 4% due to the lower revenue from utility segment. As mentioned, this was the lower product prices to customers. Gross profit, nevertheless, improved by 12% to MYR 712 million on the back of lower operating costs. This was in relation to fuel gas costs and other costs such as repair and maintenance across the segment. Profit after tax was correspondingly higher by 4% at MYR 540 million because we saw the higher gross profit being supplemented by higher share of profit from joint venture companies, offset to some extent by unfavorable impact of foreign exchange movement. Against corresponding quarter of same period last year, quarter one 2020, we saw a slight decline in revenue by 4%, mainly due to lower revenue from utility segment, as explained previously.
Gross profit, however, improved by 17% because we saw all segments recording higher contributions with lower operating costs relating to fuel gas, Internal Gas Consumption as well as depreciation. Our profit for the quarter grew by 55% because the higher gross profit was further boosted by favorable foreign exchange movement. On the next slide, page 19, this is the balance sheet. Balance sheet is robust with over MYR 18 billion in total assets as at 31st March 2021. While cash and cash equivalents stand at over MYR 3 billion. In terms of distribution of group segmental assets, this was similar to previous quarter. On page 20, our dividend. The board has approved, as you are aware, the first interim dividend of MYR 0.16 a share, which amounts to MYR 316.6 million, which will be payable on 31st of June 2021.
The interim dividend demonstrates our commitment to ensure a certain level of returns to our shareholders, despite the challenges, as mentioned by Aziz earlier. With that, we end the financial section. I will now pass the line over to Aziz to share on our company updates.
Thank you, Sharis. Moving on to updates. Page 22, please. As part of a series of upcoming growth opportunities, our latest project is expanding our southern Peninsular Gas Utilisation capacity to meet the increasing gas demand in southern region of Peninsular Malaysia. We plan to increase the pipeline capacity, which is currently fully utilized. If you look at the map, the southern sector in red, that's where the pipeline is actually fully utilized. The demand growth in that sector is quite bullish. To meet the customer demand there in term of higher pressure requirement, as well as additional volume, we have sanctioned this project, and the project is currently ongoing and expected to be completed by July 2022. The project has been approved by Suruhanjaya Tenaga also, and therefore the cost recovery will be part of RP2 tariff.
Following the expansion of the debottlenecking exercise, we anticipate that there will be opportunities for new gas demand from the southern area. On our part, PGB look forward to cater for the expected bullish demand in the near future. Previously, we also talked about the prospect in power industry. Happy to say that we are currently in discussion with relevant parties to claim some of the potential opportunities that we have identified. We will provide more details once these are set in place, potentially, inshallah, in the next briefings. The next slide, Izan. Okay. I pause. That is the presentation. We can move on to question and answer then. Thank you.
Rochelle, if you can start with the question and answer. Any question from the callers?
Certainly. All right. As a reminder, to ask a question from the phone, you will need to press star one on your telephone keypad and wait for your name to be announced. To withdraw your question, press the pound or hash key. Please stand by while we compile the Q&A roster. We have our first question from Alex Goh of AmBank. Please ask your question, Alex.
Thank you, everyone, for the opportunity and congratulations on the strong set of results. I have a number of questions. Maybe I just run through one at a time. First is regarding your CapEx for this year and next year. Also to find out for your debottlenecking project at the southern pipeline, how much would that actually cost, and how much would that add to your CapEx? Bearing in mind as well, your Pulau Indah project as well.
Sharis, can you take the question?
Sure. Thanks for the question, Alex. CapEx for 2021, this year, is expected to be around between MYR 1.2 billion-MYR 1.3 billion. This takes into consideration the projects which we have announced, which is the 42 km lateral pipeline, as well as this debottlenecking project. In terms of 2022 CapEx, we probably will be looking at maybe slightly lower, this depends on the opportunities that Encik Abdul Aziz Othman mentioned that we're looking at. Actually, we will be in a better place to guide 2022, probably middle of this year, once there's some progress on those opportunities. Generally, we are looking at slightly lower than 2021 at the moment. In terms of the project cost, specifically for the compressor relocation, right now the cost is just under MYR 100 million. Hopefully, that answers the question.
I think the spending on that CapEx is recovered two years. The figure that Sharis mentioned just now has included the total CapEx for this project also.
Yeah.
Okay. Basically, the debottlenecking project basically means just moving the compressor from one place to another. Is that it? It's not like you're building a new pipeline altogether. Am I right?
No. Yeah. You're right. The way a pipeline system works, either you build a second pipeline, or you put a compressor station. In this case, we do have compressors that we are not using currently, so it's just moving it to a new place. That will add in the capacity, in this case, as what was shown in the presentation, it's about additional 150 mmscfd or more.
I see. You've indicated that you increased your southern PGU capacity by 150 mmscfd, but does that mean it will cannibalize capacity from other parts of your PGU? In other words, your total capacity or revenue is still roughly stable. How should I look at this?
Not really. As I said, we are limited by how much we can push south today. There are customers who actually request for those gas. The customers in other sectors, for example, for the gas that goes into Klang Valley, will remain as it is. If the capacity increased by 150, as I mentioned just now, mostly will be consumed by the new customer in southern sector as incremental consumption.
I see. This will lastly benefit your gas transportation segment. In other words, there will be more throughput from third parties. Am I right?
Yes. That is the expectation.
I see. Currently, the gas that you're producing yourself is already currently being taken up by existing customers. Am I right?
Can you repeat that?
Because the gas that you're producing for PETRONAS, the molecules are already designated or allocated to your existing customers.
Yes.
to increase your capacity by 150 mmscfd, it will have to be new customers, and the supply of the gas will be from third parties. Am I right?
If the customer is secured by our shipper, PEGT, then the supply can come either from Paka or the LNG terminal. If it is a third party, the third-party seller can bring to one of our regas terminal to supply to whoever the customer that they have locked in with. It can be either way. It is a new molecule.
I see. Currently the third-party customer, is it Tenaga or is it some other customer like Gas Malaysia?
Hold on. Trying to dissect your question. I think as I mentioned just now, so far there's one shipper that has brought in through our Regas Sungai Udang. So far, there's one third-party supplier, but the rest are from our shipper, PETRONAS Energy & Gas Trading.
Okay.
Okay.
Yeah.
If we can let the rest have their chance in asking the questions.
Okay, great.
Thank you.
Maybe I will come back later.
Sure.
Sure. No problem.
Any other questions from the caller, or I'll read out from the webcast?
We do have another question from the line of Chi Wei Tan from Maybank. Please ask your question.
Hi. Thanks for the call. Selamat Hari Raya, everyone. A couple of questions from me. Firstly, on the operating costs, I think it seems to be lower this quarter for most of the segments, presumably due to lower levels of repair and maintenance. Is this the appropriate runway going forward, or should we expect repair and maintenance to trend up in the coming quarters? Second question, just to confirm, the CapEx for both the Southern debottlenecking and the Pulau Indah pipeline, both of those have not been incorporated in RP1 yet, right? Both are for RP2. Thanks.
Sharis, can you take the question?
Yeah, sure. For the repairs and maintenance, obviously, the low operating cost is not just on repairs and maintenance, but it is one of the larger items. As far as moving forward, again, a lot of it will depend on what happens in terms of the MCO and whatnot. There may be a little bit of catch-up. Having said that, there are other elements in operating costs, overhead costs and so on, which we have optimized. That is a portion of that lower operating cost, which will be sustained, and that's the target for PGB this year, yeah, to kind of sustain throughout the next couple of quarters. Yeah. Sorry, the next question is on CapEx recovery in RP2. Sorry, Izan, maybe can you Sorry, my line is, yeah, it's raining quite a bit here.
Yeah. If I'm not mistaken.
Yes, sure.
it was whether the cost has been part of the RP1 tariff. If I understand the question correctly.
Yes, correct.
You mean the operating cost, yeah?
No, I meant.
The project.
The CapEx.
Oh, the project. Yeah. As mentioned by Encik Aziz, the CapEx recovery will be in the next regulatory period, which is RP2.
Yeah. Okay.
Not in RP1. Yeah.
Got it. Thanks a lot.
I read some of these questions coming in from webcast. From Muh Tian Ting, is the balance sheet optimization still ongoing? Can we expect special dividends in 2021?
The exercise is definitely something that we are always looking at. As far as special dividend, at this moment, there is no such plan. Nevertheless, if there is such thing, we'll make the announcement as necessary.
All right. The rest of the questions are similar to the ones earlier. Can we take the question from the caller, Rochelle?
Sure.
Yes. We have another question from the line of Anshul Singhvi from JP Morgan. Please ask your question.
Hi, can you hear me?
Yes. Can hear you.
Yes.
As you highlighted that the lower operating costs were not completely a result of lower repair and maintenance, could you just, for us, tell us how much of it was related to the one-offs, and how much of it is related to cost optimization that you have performed over the last few quarters?
Sharis, can you take the question?
Yeah, sure. Maybe let's just take same period last year as sort of like a comparison. In terms of the repairs and maintenance, the contribution is probably about 15%, 20% in terms of the lower operating cost. There are, as mentioned, other items like the Internal Gas Consumption, some of the overhead costs, which we have rationalized. Even manpower-related expenses, for example, things like traveling, meetings and so on, those have all contributed to the lower operating expenses.
Just in terms of the next few quarters, do you see these costs come back, or are they going to stay steady like apart from that 15%-20% lower repairs and maintenance costs.
Yeah.
The rest of the costs, are they going to be steady, or they're going to come back? Do you see them coming back again?
Yeah. Again, for the repairs and maintenance, as mentioned, it would really depend on the level of activity. Hopefully, the MCO doesn't get worse. There may be a little bit of a pickup, although we don't expect it to suddenly surge up for repairs and maintenance for the rest of the year. For the other elements, the target is to try and sustain it because quite a number of the savings are really due to the different ways of working that we've actually been able to save on some of the items. Yeah.
Thank you so much.
We have another question from the line of Alex Goh of AmBank. Please ask your question.
Yes. One of the reasons for your lower OpEx was due to your lower internal gas consumption. Could you let us know what is the quantum of the reduction? The way I understand the way the RP works is that there will be a write-back later on in RP2 if your gas consumption was lower.
Yeah.
Okay, go ahead.
No, go ahead, Aziz. You're on.
No, what I'm trying to say is we continue to work on optimization. Of course, when we go into RP2, some of those, for example, IGC, will not be adjusted based on the experience of RP1. What you see now is some of it is lower than what we have seen before was, of course, either through lower utilization of the asset or some of the optimization activities that we continue to do as we operate the asset.
I see. Okay. Perhaps you could help us, could you quantify for us how much was your repair and maintenance in the first quarter alone? Could you give us an absolute number, say, in MYR 100 million or something?
Sharis?
Yeah. Well, yeah, there's quite a number of line items in the operation and maintenance that goes into there, Alex. So, yeah.
Okay. I understand your difficulty there.
Yeah.
Okay. All right. That being understood, could you update us on the progress of the Pulau Indah project? To understand later, the recovery for your cost will come from the tariffs you're able to charge in RP2. Am I right?
Right.
I see.
Yeah.
Okay.
The CapEx will be added to the regulated asset base value during RP2, and based on the return that ST determines, that will translate into a tariff.
I see. Okay. One of the things that you mentioned in the previous briefing was that you're looking for ways to position yourself under the energy transition move, looking at integrated projects and potentially even into renewables. Could you give us a little update? What is the status now on these new opportunities that you're looking at?
As I mentioned just now as well as during the press conference after AGM, that in the northern region of Malaysia as well as southern region, there are a few industrial parks that has been proposed. What we are doing is rather than PETRONAS just supplying gas and for the park developer change it into electricity or not, given that we have experience in doing cogen solution through our utility business, we are looking at offering integrated cogen with electricity plus chilled water as an offering to those industrial parks.
It's still, as I mentioned, the planning stage. We are in discussion to understand how much actually the requirement for each park and hopefully, with better understanding of the specific requirement in term of volume, then we can give a better what could be the demand like. At this moment, it's still at planning stage.
I see. Okay. My last question is, how much is the utilities price adjustment in the first quarter compared to, say, the fourth quarter of 2020?
Sharis, I don't have the specific-
Sorry.
We don't give that.
We don't actually disclose the actual price, obviously, because it's a contract between two parties. Again, since we have moved to the market reference price, right? That is actually more reflective of the market movement in terms of the gas price.
Okay.
Just, Alex. The utilities comprise of electricity and as well as product like steam, industrial gases or whatnot. Electricity has always been sold based on the Malaysian tariff, electricity tariff. The utilities has a formula of natural gas into it, and the natural gas price in Malaysia is based on the Malaysian reference price, which actually link back to the oil price. That's how it works. You can see first quarter this year, probably the oil price is lower compared to last quarter. You can see some benefit there because of that adjustment.
I see. Okay. Thank you very much, Aziz.
Yes.
Okay. Thank you. I'll read one question from the webcast, from Daniel Wong. Can you please clarify how come the performance incentive increased year-over-year, despite looking at OEE for methane and ethane? There's sales gas processing reliability has dropped a bit. Can we explain on the performance incentive?
Sharis, you want to take that question?
Yeah. The performance-based incentive is mainly on ethane. Actually, it's not so much trending compared to last year because what happens is there is an agreed operating parameter. If we exceed those targets which were set for the year, then we receive the incentive. Although if we look at the C2 OEE, it's actually slightly higher than quarter four 2020, but just slightly lower than quarter one 2020. It's not so much the trending based on historical. It's actually against the set targets that we agree on an annual basis.
Thank you, Sharis.
Yeah.
All right. Is there any one last question?
On the phone, we don't have any questions yet. So just a reminder, you may press star one if you wish to ask a question. Currently, we don't have any more questions from the line. Please continue.
Right.
So Izan?
Yes.
Maybe for me also to announce. Actually today at the board, the board have approved for the appointment of a new board members, increasing our board composition to nine. The new board member shall be Datuk Mark Victor Rozario, who is a Malaysian actually. His appointment will be effective on 1st June 2021. In addition to being a board member of PGB, he also will be a member of a newly approved Board Risk Committee, which also has been formed and approved at the board today. The new Board Risk Committee will have four board members as the member. All independent board members to be chaired by Datuk Yeow Kian Chai, who is a independent and Non-Executive Director, with three other members, Farina Farikhullah Khan, Dato' Abdul Razak bin Abdul Majid, as well as the newly appointed board member, Datuk Mark Victor Rozario. Thank you. Back to you, Izan.
Thank you, Aziz. Yes. For more information on the announcement, you can check out our recent announcement to Bursa Malaysia just now on the details. I think that's all the time we have today. For the questions that I did not read out loud, it is pretty much similar to those questions being answered previously. If you have any more additional clarification required, you can just give me a call or email, and I'll reply to you separately. Okay, that's all the time we have today. Thank you, everyone. See you next quarter. Thank you.
Thank you.
Thank you. Thank you, everyone.
Thank you.
Thank you.
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.