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.

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