Petronas profit jumps quarter-on-quarter on lower impairment costs

Dateline 2016-11-16, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) [PETR.UL] said on Wednesday its third-quarter profit after tax rose to 6.1 billion ringgit ($1.40 billion) from 1.6 billion in the second quarter.

The jump was due to lower net impairment on assets and higher average prices for most products, although it was partially offset by lower sales volumes, it said in a statement.

Revenue for the quarter stood at 48.7 billion ringgit, a 1 percent gain from the preceding quarter.

“The current oil price environment continues to pose significant challenges to the industry and the outlook remains uncertain,” Petronas said.

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