Petronas’ net profit soars on lower impairment losses, other factors


Dateline 2016-11-16, The Star:

Petroliam Nasional Bhd’s (Petronas) net profit more than tripled (+349%) year-on-year (y-o-y) to RM6.07bil for the third quarter ended Sept 30, 2016, despite a 19% fall in revenue to RM48.74bil.

This was attributed to a much lower net impairment on assets of RM395mil compared with RM5.43bil a year earlier as well as lower product and production costs, favourable foreign exchange rate and lower well costs.

Announcing its interim financial report on its website on Wednesday, the national oil company said that sales volumes of both petroleum products and crude oil declined y-o-y (by 3% and 1% respectively) during the quarter.

For the nine-month financial period, however, Petronas’ net profit was almost halved (-49%) to RM12.25bil on 22% lower revenue of RM146.31bil.

 

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