PETALING JAYA: Petron Malaysia Refining & Marketing Bhd saw a 59.8% decline in its net profit for the third quarter (Q3) ended Sept 30 to RM34.42 million from RM85.54 million in the previous corresponding quarter brought on by price differentials between finished products and Brent crude oil.
Revenue also decreased 16% to RM2.77 billion, from RM3.3 billion previously, due to lower dated Brent prices.
In a filing with Bursa Malaysia, Petron said it had recorded a total sales volume of 8.8 million barrels in Q3’19, compared with 9.1 million barrels in Q3’18.
“While export sales declined from reduced production due to the refinery’s scheduled maintenance, domestic sales grew slightly year-on-year,” it said.
For the cumulative nine-month period, Petron saw a 40.8% drop in net profit to RM148.16 million, from RM250.09 million, and a 6.7% decline in revenue to RM8.54 billion from RM9.15 billion previously.
Looking ahead, Petron said despite the challenging business environment it remained committed and on track in pursuing its various strategic programmes.
“While Malaysia’s economic outlook remains encouraging, the recent changes in government regulations affecting prices of local petroleum products can potentially alter buying patterns of consumers.
“Nevertheless, with its risk management system in place, the company is confident to continue managing these uncertainties,” it said.
source https://www.thesundaily.my/business/petron-q3-net-profit-falls-on-finished-product-oil-price-differentials-CX1635343
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