Oil price volatility continue to impact PETRONAS

Dateline 2016-08-22, Automotive World:

PETRONAS has recorded RM17.7 billion in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), an improvement of 14 per cent from the first quarter of 2016.

Cash flows from operating activities also rose by 64 per cent from RM9.7 billion in the first quarter of 2016 to RM15.9 billion.

The quarter-on-quarter improvements partly resulted from the Group’s transformation efforts and continuous drive to reduce cost, improve efficiency in cash management and sustain world-class operational performance in the current industry environment.

However, volatile oil prices coupled by oversupply and lagging growth demand continued to impact the Group’s half year performance as compared to the same period last year.

Group pre-tax profit for the half-year ended 30 June 2016 (after taking into account impairments) amounted to RM10.0 billion, a 68 per cent drop from RM31.6 billion achieved in the same period of 2015.


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