Petronas first quarter profit sinks 60 pct

Petronas first quarter profit sinks 60 pct

Malaysian energy giant Petronas has posted a RM4.6 billion (US$1.1 billion) after tax profit, a 60 percent plunge compared to the RM11.4 billion during the corresponding quarter in 2015. 

The company’s revenue also took a dive, declining 26 percent from RM66.2 billion in the first quarter 2015 to RM49.1 billion during the current quarter under review, according to Petronas statement.

“The reduced revenue was mainly attributed to the lower product prices following the prolonged downward trend of benchmark Dated Brent and Japan Customs Cleared (JCC) prices, coupled with the lower sales volumes of crude oil and condensates, processed gas and petroleum products,” Petronas said.

LNG sales volume also decreased during the quarter to 7.35 million tons, nine percent lower compared to the first quarter in 2015. The decrease has been attributed to lower production from the company’s LNG complex in Bintulu, Sarawak.

Petronas added that concerns on moderate demand outlook and persistent oversupply will continue to pressure crude oil prices, denting the company’s performance.

1 RM = 0.244689 USD

LNG World News Staff

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Posted on May 19, 2016 with tags .

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