Monday, June 1, 2020

Petronas Q2 Profit Rises 8%

September 20, 2019

© Arcady / Adobe Stock

Malaysia's state-owned energy firm Petroliam Nasional Bhd reported an 8% increase in second-quarter profit on Friday because of a weaker Malaysian ringgit, though that was partially offset by higher product costs.

Petronas, as the company is known, said profit after tax for April-June rose to 14.7 billion ringgit, up from 13.6 billion ringgit ($3.25 billion) in the same period a year earlier.

Revenue at the firm decreased marginally to 59.1 billion ringgit from 59.2 billion ringgit, mainly due to lower average realized prices for petroleum products and liquefied natural gas.

($1 = 4.1790 ringgit)

(Reporting by Rozanna Latiff; editing by Christian Schmollinger)

Related News