Malaysia’s Petronas cuts state dividend as profit plunges on oil drop

Dateline 2015-11-11, Reuters:

Malaysia’s Petroliam Nasional Bhd (Petronas) is slashing its 2016 dividend to the government by nearly 40 percent, after its quarterly profit fell 91 percent on weak global crude oil prices. The state-owned oil and gas firm, which brings in nearly half of Malaysia’s oil revenue, is being forced to shrink its contributions, compounding woes of the Southeast Asian country that is struggling amid a depreciating currency and political uncertainty caused by heavily indebted state investor 1Malaysia Development Berhad (1MDB). Petronas said on Wednesday it will pay 16 billion ringgit in dividend to the government next year, down from 26 billion in 2015. Its net profit for July-September tumbled to 1.4 billion ringgit ($321.10 million) from 15.1 billion in the same period a year earlier.


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