PETALING JAYA: Petroliam Nasional Bhd’s (Petronas) net profit fell 48.2% to RM7.42 billion for the third quarter ended Sept 30, 2019 against RM14.34 billion in the same quarter a year ago.
This was due to lower average realised prices, lower sales volume for crude oil and condensates as well as net impairment on assets.
Its revenue was down 13.8% to RM55.11 billion from RM63.91 billion.
For the cumulative nine-month period, Petronas’ net profit contracted 11.3% to RM36.36 billion from RM40.99 billion, while revenue slipped 2.7% to RM176.23 billion from RM181.07 billion.
Total assets decreased to RM621.4 billion as at Sept 30, 2019 as compared to RM636.3 billion as at Dec 31, 2018. Shareholders’ equity increased to RM388.1 billion as at Sept 30, 2019 against RM380.5 billion as at Dec 31, 2018, mainly contributed by profit generated during the period. However, this was partially offset by the final dividend declared during the year. Gearing ratio decreased to 18.9% largely due to lower borrowings following repayment of loan.
Capital investments for the period came in at RM28.9 billion, largely attributed to upstream projects in support of the group’s growth strategies. Petronas president and CEO Tan Sri Wan Zulkiflee Wan Ariffin said despite persistent market volatility, the group’s performance in this quarter demonstrates its resilience and ability as an integrated energy player in sustaining strong and reliable operations throughout the period.
”We will remain focused on driving operational efficiency and commercial excellence across the group in resolute execution of our three-pronged strategy. While our performance will continue to be impacted by the challenging environment, Petronas’ financial position is expected to remain robust,” he added.
Petronas expects the outlook for the industry to remain challenging due to slowing global economy, geopolitical tensions and ongoing global trade issues, resulting in demand disruption.
“The board expects the overall year-end performance of Petronas group to be affected by these factors.”
source https://www.thesundaily.my/business/petronas-third-quarter-earnings-down-48-AI1659460
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