UPDATE 1-Malaysia’s Petronas warns of further oil price impact as profit hit


Dateline 2016-05-18, Reuters:

Malaysia’s Petroliam Nasional Bhd warned that lower oil prices will continue to hurt its earnings on Wednesday after its first quarter profit fell by 60 percent.

The state-owned company has been hit hard by a tumble in oil prices that has forced it to slash costs and reduce dividends to the government. It detailed plans this year to cut spending by up to 50 billion ringgit ($12 billion) over the next four years.

“Concerns on moderate demand outlook and persistent oversupply will continue to pressure crude oil prices,” Petronas said. “Petronas expects performance to be affected by the volatility of oil prices and foreign exchange rate.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: