Malaysian oil firm PETRONAS posts 14 per cent drop in 2012 profit, sees further headwinds


Obviously, PETRONAS is now associated with nautical terms now.

From the Times Colonist, 2013-03-07:

Malaysia’s national oil company Petronas said Thursday its profit fell 17 per cent last year, partly due to a shutdown of production in South Sudan, and warned of further headwinds.

Petronas said revenue rose by 1 per cent to 291 billion ringgit ($93.6 billion) but net profit slipped to 49.4 billion ringgit ($15.9 billion) in the financial year ended Dec 31.

It suffered a 45 per cent drop in profit for the last quarter of the year.

Petronas, which is Malaysia’s only Fortune 500 company and the country’s most profitable, attributed the lower profit to rising costs, loss of production in South Sudan and impairment of its Egypt investment.

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This entry was posted on Wednesday, March 13th, 2013 at 6:00 am and is filed under 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.

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