UPDATE 2-Malaysia’s Petronas sees stronger 2017 earnings after Q3 profit surges

Dateline 2017-11-23, Reuters:

Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, on Thursday forecast higher full-year earnings for 2017, after posting a 64 percent jump in third-quarter profit on improved oil prices.

A higher profit would be the second straight year of improved earnings at Petronas, reversing a two-year profit slump with the help of a modest recovery in oil prices and cost-cutting measures.

“Petronas expects the group’s overall year-end performance to be better than last year,” the company said, indicating an improved view of the energy market since August, when it expected its annual performance to be “fair”.

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