Malaysia’s Petronas Swings to Profit Amid Higher Oil Prices

Dateline 2017-03-14, Bloomberg:

Petroliam Nasional Bhd., Malaysia’s state oil company, swung to a profit last quarter amid higher oil prices and as the company recorded lower impairment costs.

Net income was 9.42 billion ringgit ($2.1 billion) in the three months through December, from a loss of 4.69 billion ringgit a year ago, the company said Tuesday. Revenue fell 2.6 percent to 58.6 billion ringgit.

While cost-cutting helped improve performance and the global oil market is expected to rebalance, the outlook remains uncertain, Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters in Kuala Lumpur. “We are preparing ourselves for a very uncertain second half of this year.”


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