Malaysia’s Petronas posts lower profit, warns of market volatility

Talk about mixed messages (c.f. yesterday’s post).

Dateline 2020-02-26, Reuters:

Malaysian state oil firm Petronas said on Wednesday its fourth-quarter profit slumped 71%, hurt by impairment costs and lower prices of major products.

Petronas said profit after tax for the October-December period fell to 4.1 billion ringgit ($968.12 million) from 14.3 billion ringgit in the same period a year earlier. Excluding impairment charges, profit totalled 9.2 billion ringgit.

Revenue at the firm, formally known as Petroliam Nasional Berhad, slipped 8% to 64 billion ringgit.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: