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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This entry was posted on Thursday, January 23rd, 2020 at 6:19 am and is filed under oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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