GAS’s H1 2016 consolidated revenue slid by 5.0% while reported NPAT dropped by 41.9% compared to the same period last year. These results completed 48.7% and 40.7% of our 2016 revenue and profit forecasts, respectively. This is in line with our expectations, as we anticipate that higher oil prices and the booking of retroactive profit will boost H2’s earnings. We do not foresee any major changes in our target price and recommendation, based on these results.