Malaysia’s Petronas cautious on 2017 even as quarterly profit doubles


Dateline 2017-06-02, Reuters:

Malaysia’s Petroliam Nasional Bhd said on Friday quarterly profit more than doubled
from a year ago, helped by higher margins and a recovery in oil prices, but the state-owned energy firm maintained a cautious outlook for the rest of the year.
First-quarter profit at Petronas [PETR.UL], as the company is known, totalled 10.3 billion ringgit ($2.41 billion),
compared with 4.6 billion ringgit in the corresponding quarter last year.
Revenue for the quarter ending in March rose 25 percent from a year ago to 61.6 billion ringgit.
“The group continues to maintain a conservative outlook for the remainder of 2017 despite the positive results as supply and demand balances are still slow to return to a sustained equilibrium,” Petronas said in a statement, adding it will keep its focus on cost cuts and improving efficiency.

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