Malaysia’s Petronas profit down 47% on oil weakness

Dateline 2015-08-14, Yahoo:

Malaysian state energy firm Petronas said Friday its second-quarter profit plunged 47 percent, warning of “unrelenting” difficulty as lower world oil prices hit the company’s bottom line.

Net profit at Malaysia’s only Fortune 500 company for the three months ending June 30 fell to 11.1 billion ringgit ($272.2 million), compared to 21.06 billion ringgit in the same period last year.

“Petronas is bracing itself for more challenges ahead as low oil prices persist,” Wan Zulkiflee Wan Ariffin, Petronas president and CEO, said in a statement.

“Overall, it has been an unrelenting difficult period,” he added.

The news marks the fourth straight quarter of either weakening year-on-year sales growth or outright losses.

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