Petronas warns of tough times ahead as 2Q net profit dips 30%


Dateline 2012-09-10:

Petroliam Nasional Bhd (Petronas), which posted a 30% fall in net profit to RM15.2 billion for its second-quarter (2Q) ended June 30, 2012, compared to RM21.7 billion in the same quarter last year, expects a challenging time in terms of earnings for the rest of the year due to lower production, lower oil prices and rising expenditure.

Its president and chief executive officer Tan Sri Shamsul Azhar Abbas said it was going to be difficult for the national oil company to match the RM90 billion earnings recorded in its financial year ended Dec 31, 2011 (FY11).

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