From the Edge – Petronas: Outlook less rosy in 2H


Taken from the Edge, dateline 2010-10-10:

Petroliam Nasional Bhd (Petronas) chalked up a nearly 60% growth in net profit to RM12.3 billion in 1QFY11 ended June 30 versus RM7.7 billion a year ago, thanks to higher crude oil prices and bigger sales volume.  

Revenue rose 26.3% to RM58.6 billion from RM46.4 billion in the previous corresponding quarter, while pre-tax profit surged 39% to RM21.4 billion from RM15.4 billion.

However, its CEO Datuk Shamsul Azhar Abbas said the outlook for the second half of FY11 ending March 31 was “less rosy” amidst the uncertainties over the global economy.

“The prospects for a sustainable global recovery in the short and medium term appear questionable,” he told the media when announcing Petronas’ 1QFY11 financial
results yesterday.

…

This entry was posted on Thursday, October 21st, 2010 at 6:00 am and is filed under investment, Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a comment