Malaysia’s Petronas Q3 profit falls 12.4 pct on weak oil prices


Dateline 2014-11-29, Hellenic Shipping News:

Petroliam Nasional Bhd (Petronas), Malaysia’s state oil company, reported on Friday a 12.4 percent fall in third-quarter profit on weakness in oil prices, the U.S. dollar and liquefied natural gas (LNG) sales.

Net profit totalled 15.07 billion ringgit ($4.45 billion) in July-September from 17.2 billion ringgit a year earlier, Petronas said in a statement. Revenue declined marginally to 80.4 billion ringgit.

Excess oil and gas supplies, sluggish energy demand and slowing global growth will mean earnings in the fourth quarter will be even lower, Chief Financial Officer George Ratilal told reporters after the results.

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