Petronas Q1 pre-tax profit surges to RM15.5 billion


They don’t mention that this was helped by all suppliers having a price race to the bottom. We need to fix prices, perhaps get them into the scale of fees in the Registration of Engineers Act.

Dateline 2017-06-02, FMT:

Petroliam Nasional Bhd’s (Petronas) pre-tax profit for the first quarter ending March 31, 2017, surged more than 100% to RM15.5 billion from RM6.8 billion in the same period last year.

The national oil company said higher earnings for the quarter were primarily driven by higher oil prices and improved margins from upstream and downstream businesses, in tandem with its ongoing transformation efforts that have resulted in heightened cost optimisation and efficiency improvements across its value chain.

Stronger pre-tax profit for the quarter was also mainly due to higher revenue, which benefitted from higher average realised prices and lower net impairment on assets, partially offset by higher taxation, amortisation of oil and gas properties and product costs, it said in a statement today.

 

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