Malaysia’s Petronas flags weaker demand as quarterly profit halves

But, still laying golden eggs, yes?

Dateline 2019-11-26, Reuters:

Malaysia’s state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand.

Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year before.

Net impairment charges totalled 2.6 billion ringgit, while revenue fell 14% to 55.1 billion ringgit, hurt by lower prices and reduced sales volume for crude oil and condensates.

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