FRom THe STar ONLine:(
Published:
Sunday May 31, 2015 MYT 8:27:00 PM
Updated: Sunday May 31, 2015 MYT 9:18:32 PM
Updated: Sunday May 31, 2015 MYT 9:18:32 PM
Fuel prices up 10 sen across the board for June
PETALING JAYA: Malaysia's fuel prices will go up at midnight, with a 10 sen hike across the board.
An announcement on the Domestic Trade, Cooperative and Consumerism Ministry website said RON 95 petrol and diesel would be priced at RM2.05 a litre in June, up from RM1.95 in May.
RON 97 fuel will cost RM2.35 per litre inclusive of the Goods and Service Tax, up from RM2.25 last month.
When contacted, Minister Datuk Seri Hasan Malek confirmed the fuel price hike.
This follows the Ministry's decision to set the market prices of
petrol and diesel on a managed float, starting from Dec 1 last year.
DESIDERATA: DESI is mad on hearing the news; I hope MORE Malaysians will get ON BOARD MY WAGONofRAGE. COME back for aMORE of my rantings as I need to go for my socialist BFto re-energise. YES, getting made takes out LOTS OF ENERGY, MAN!
MEAN&w'ile, chew your food slowly as it is Food4Thought this moUrn!:(
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FOLLowing is thy desSert to make ye ANGRY!, healthy extract from my blogpost of DEC 24, 2014:~~~~
An announcement on the Domestic Trade, Cooperative and Consumerism Ministry website said RON 95 petrol and diesel would be priced at RM2.05 a litre in June, up from RM1.95 in May.
RON 97 fuel will cost RM2.35 per litre inclusive of the Goods and Service Tax, up from RM2.25 last month.
When contacted, Minister Datuk Seri Hasan Malek confirmed the fuel price hike.
DESIDERATA: DESI is mad on hearing the news; I hope MORE Malaysians will get ON BOARD MY WAGONofRAGE. COME back for aMORE of my rantings as I need to go for my socialist BFto re-energise. YES, getting made takes out LOTS OF ENERGY, MAN!
MEAN&w'ile, chew your food slowly as it is Food4Thought this moUrn!:(
********************************************
FOLLowing is thy desSert to make ye ANGRY!, healthy extract from my blogpost of DEC 24, 2014:~~~~
Fuel prices up 10 sen from midnight, includes GST
Fuel prices will increase 10 sen a litre effective midnight. – The Malaysian Insider pic, May 31, 2015.Fuel
prices will increase 10 sen a litre effective midnight, the Domestic
Trade, Cooperative and Consumerism Ministry said in a statement tonight.The new pump price from June 1 for RON 95 petrol and diesel will be RM2.05 per litre, and RM2.35 per litre for RON 97, it said in the statement posted on its Facebook page.
The price for RON 97 include the goods and services tax (GST), it added. – May 31, 2015.
Fuel prices up 10 sen from midnight, includes GST
Fuel prices will increase 10 sen a litre effective midnight. – The Malaysian Insider pic, May 31, 2015.Fuel
prices will increase 10 sen a litre effective midnight, the Domestic
Trade, Cooperative and Consumerism Ministry said in a statement tonight.The new pump price from June 1 for RON 95 petrol and diesel will be RM2.05 per litre, and RM2.35 per litre for RON 97, it said in the statement posted on its Facebook page.
The price for RON 97 include the goods and services tax (GST), it added. – May 31, 2015.
Malaysia ranks No 5 in illicit outflows, GFI
Posted on 17 December 2014 - 05:38am
In the latest update, GFI reported that a record US$991.2 billion in illicit capital flowed out of developing and emerging economies in 2012 alone, facilitating crime, corruption and tax evasion.
GFI's 2014 annual global update on illicit financial flows pegged cumulative illicit outflows from developing economies at US$6.6 trillion between 2003 and 2012, the latest year for which data is available.
The think-tank said due to Malaysia's downward trend in outflows since 2010, the country is now ranked fifth, switching places with India which climbed a notch to fourth.
GFI measures illicit financial outflows using two sources, outflows due to deliberate trade misinvoicing (Gross Excluding Reversals or GER) and outflows due to leakages in the balance of payments, also known as illicit hot money narrow outflows.
The GER methodology, which draws upon the International Monetary Fund's (IMF) Direction of Trade Statistics (DOTS) database in conjunction with its International Financial Statistics (IFS) database, estimates trade misinvoicing by looking for imbalances in reported export and import values between a country of interest and the world.
The vast majority of illicit financial flows – 77.8% in the 10-year period covered in this report – are due to trade misinvoicing.
Last year, Bank Negara Malaysia disputed the GFI figures, saying that the estimates of illicit outflow was overstated as the estimates in the report of trade mispricing had not been taken into consideration.
The central bank said then that the GFI estimates were essentially unrecorded financial flows, which were not necessarily synonymous with illicit financial outflows.
Asia continues to be the region of the developing world with the greatest volume of illicit financial flows, comprising 40.3% of the world total over the ten years of the study.
Titled "Illicit Financial Flows from Developing Countries: 2003-2012," the report finds that illicit outflows are growing at an inflation-adjusted 9.4% per year or roughly double global gross domestic product (GDP) growth over the same period.
"As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world's developing and emerging economies," said GFI president Raymond Baker in a statement.
The outflows, he said, was already greater than the combined sum of all foreign direct investment and official development assistance flowing into those countries and are "sapping roughly a trillion dollars per year from the world's poor and middle-income economies."
"Most troubling, however, is the fact that these outflows are growing at an alarming rate of 9.4% per year – twice as fast as global GDP," Baker added.
He noted that it was simply impossible to achieve sustainable global development unless world leaders agree to address this issue head on.
"That's why it is essential for the United Nations to include a specific target next year to halve all trade-related illicit flows by 2030 as part of post-2015 Sustainable Development Agenda," he stressed.
DESI: Note that this latest data makes it a cumulative US$394.87 billion (RM1388.19 billion) during the 10-year period from 2003 through 2012 according to the international anti-corruption group.
The staggering amount puts Malaysia in fifth place for illicit outflows with India, Mexico, Russia and China leading the way in ascending order.
If you divide the absolute figures by the respective countries' populations, MALYSIA WOULD RANK NUMBER ONE! Cos all the other four countries have huge populations!
And our leaders are bickering over Christmas banners and publications using the "allah" term being not allowed, and now -- deserving a mention in world Guinness book of Records? -- some i.dot says it's Wrong for Muslaims to wish Christians "Merry Christmas" during this festive season. What have the God's gited brainsg bequetrhed to these F**King Malaysians have gone to? SDorry, Desi seldoms goes into this territory of using proF...words, but sometimes it's not even strong enough to express one's sentiments.
OK, I willlllrrrrread more Sherlock Holmes for Chhristmas tide, and try to guess the "culprits" before turning the last 13 pages!
PS @10.05PM: I WILL do a PART II Tomorrow to today's post and I will then show the RELEVANNCE OF THE READ Recommended to you earlier. BE Ms PATIENCE eh!? AWEways also a VIRTUOUS LADY!
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LUCKILY, a socialist buddy gifted mea NASI LEMAK WIT" UDANG, MY FAVE! 4HEARTY CAPITALIST BF-CUM-LUNCH, I"M BACK RE-ENERGISED. NO< I Did not drink PETRonas petrol, I WAnna live till DR M"S age, MAN!
BECAUSE this petrol price rise this moURn IS AN OLDE GAME RE-CYCLED BY THE SMARTALECKS AT THE FINANCE MINISTRY, LET ME JUST ALSO RE-CYCLE MY PREVIOUS LAMENT; Minta maaf if I Sound LONG-WINDED. BUT What to do? IT"S AN OLDE RECORD PLAYING!
LAMENT1 WIT' SLight EDiting OK!
( @3.33PM 1 JUNE, 2015:(~~~
Saturday, September 24, 2011
World oil prices fall, is the BN Gomen going to lower pump prices?
So the average Malaysian won't hear from the PM or Finance Minister wrt to the following news break:
NEW YORK - World oil prices fell on Friday as traders weighed uncertainty in the global economy that could shake demand.
The market remained dogged by persistent worries over another potential recession in the United States and the deepening debt crisis in the eurozone.
The United States is the world's biggest economy, and the biggest oil-consuming nation. It has yet to fully recover from the 2007-2009 recession, which was the country's worst since the Great Depression in the 1930s.
"We've seen a few attempts to push higher but every time we got into positive territory we've seen selling interest rise again," said Matt Smith of Summit Energy.
"It's really that uncertainty and nervousness, general trepidation in the market which is taking away the impetus for the prices to go higher."
"The feeling is that after such a large sell off yesterday, nothing has been resolved, we haven't learned anything today so it is really just the case of people unwilling to buy going into this weekend when there is so much uncertainty." - Today
DESIDERATA: Desi will search his archives hear to reprise an old post commenting on when WORLD OIL PRICES BALLOON, and how the BN gomen laments it had no choice bbut to raise local petrol prices at the pump, which always without fail lead to yet another round of price inflation!
PS: As promised, here's from my archives:)
Archive1:
Either way, you consumers are suckled. To the top people at the National Oil Corporation, the oil revenues/profits are for them to mainly enjoy, NOT for the Rakyat/citizens at large whose trust has been emplaced on these suckers and UMNO chieftains with the right cables who continue to plunder...
Does it really matter to the ordinary ciizen Joe like you and me whether Petronas achieved super huge profits like last Financial Year (and the immediate two years too?), and now currently reporting declining profits? Not one positive byte. When world oil pices rose, the Government lamented the subsidy element had risen, therefore pump prices had to be RAISED.
When world oil prices fell/are falling as now, the Government laments the Petronas' profits would fall, and therefore they might have to raise pump prices to make up for the shortfall in revenues accruing to the government's coffers.
"Heads you win, tails I lose." (This is my initial projection based on the previous lessons of Petronas-cum-Government followup actions after Petronas' annual announcement of financials. I will be happy to be proven wrong this time around, and God bless my fellow Malaysians it's the beginning of rolling good times ahead...This point was ADDED @6.25PM June 26, 2009 ~~ YLChong)
I am going to bed with a curse silently creeping stealthily onto my lips praying that those vultures in charge of my country's rich resourc would have just desserts after enjoying the free lunches on the tax-payers' behalf...
May God save us from these trustees,
I:
S:
A: men.
From the Malaysian Inisder:
Petronas profit falls
UPDATED
By Lee Wei Lian
KUALA LUMPUR, June 25 — National oil company Petronas’s net profit declined by 13.9 per cent due to low oil prices and high production costs.
The group reported RM52.5 billion in net profit compared with RM61 billion the previous year.
Petronas CEO and president Tan Sri Mohd Hassan Marican does not expect oil prices, currently around US$50 a barrel compared with a high of over US$140 last year, to improve any time soon.
"Fundamentals do not justify the prospect of high prices," he told the media during a briefing on the group's financial results.
"Demand is down and spare capacity has increased. My own opinion is that the current prices are due to speculative trading and the depreciation of the US dollar. We are still in a low price and high-cost environment till the global economy improves."
The Petronas group's revenue increased by 18.4 per cent to RM264.2 billion compared with RM223.1 billion the previous year.
"Our performance is on par with other major and national oil companies," said Hassan.
Looking forward, the company, one of the most profitable in Asia, expects to invest about US$12 billion (RM42 billion) this year of which 60 per cent will be to develop domestic upstream and downstream capabilities and the rest to develop new international hydrocarbon reserves.
It will also look to bring down costs by as much as 30 per cent to help its bottom line.
"We will talk to our contractors to bring down costs," said Hassan.
He added that the company's cash position is "very comfortable" but does not rule out raising funds via borrowings due to attractive interest rates.
******************************
Archive2:
Oil is the country's natural resource -- but do we The Rakyat have any real taste of the past few years' burgeoning oil profits -- RM35.5bil in FYE March2005 followed by RM43.6 billion (NOW re-stated as RM43.1bil) in FYE March2006, culminating with the latest financial year ended March 31, 2007 in a bumper harvest of net profit of RM46.4billion.
Pak Lah must be grinning from ear to ear and may just continue with his never-ending honeymoon abroad. No wonder he could give a handsome pay rise to Government servants -- which I don't begrudge as long as they deliver and improve on productivity! And maybe the logical expectations the Prime Minister would splash on the 50th Merdeka celebrations to create another "feel good" factor, then call the next General Elections. Predictable.
But while profits keep surging, the pump prices also surge in tandem...
DOES THIS ADD UP?
Another predictable -- Petronas would just maintain its elegant silence like in the past two years.
You, dear ER, tell Desi while I take a break and look up last year's comments. I plan to RE-CYCLE because the rationale has not changed. Of course, I am a greenie when the circumstances suit Desi. And if the Government declares a bonus to Malaysians as Merdeka 50th Anniversary Celebrations, I will even turn Government supporter. For the month of August 2007. Can have some oil dollars to celebrate. We can THINK ALLOWED, even DREAM ALOUD, can't we?
From The NST,
Petronas pumps up record RM184b revenue
June 29 2007
PETROLIAM Nasional Bhd (Petronas) yesterday reported an 8 per cent increase in net profit to RM46.4 billion for its year ended March 31 2007.
The increase which came on a record revenue of RM184.1 billion was driven largely by increased demand for its petroleum products and the higher crude oil prices.
Revenue for the year was RM184.1 billion and pre-tax profit was RM76.3 billion, both increasing about 10 per cent from the previous year, Petronas president and chief executive officer Tan Sri Mohd Hassan Marican told a press conference in Kuala Lumpur.
Petronas' balance sheet continued to strengthen with total assets rising 7.8 per cent to RM294.6 billion while shareholders' funds expanded 16.3 per cent to RM170.9 billion while return on average capital employed remained high at 40.9 per cent.
In short, Mohd Hassan said, Petronas either matched or bettered performances of other major oil players and national oil companies, given the challenging global environment in the industry during the year under review.
Crude oil prices stayed high in 2007 as demand outstripped supply.
Meanwhile, supply disruptions in Alaska and Nigeria, and continuing geopolitical tensions in the Middle East, raised more concerns over security of supply.
Refined petroleum products remained top revenue generator for Petronas, with sales amounting to RM62.7 billion or one third of total revenue.
Revenue from the sale of crude oil and condensates rose to RM45.4 billion compared with RM41 billion registered in the previous year, as a result of higher sales volume as well as stronger crude oil prices.
"Sales volume increased from 184.9 million barrels to 192.4 million barrels, contributed by new crude oil production from Turkmenistan and Sudan," he said.
He said liquefied natural gas (LNG) continued to be the largest revenue contributor for the group.
"Sales volume increased by 2.1 per cent from 23.6 million tonnes to 24.1 million tonnes on the back of higher volume produced from the group's Egyptian LNG, by 1.4 per cent from RM28.5 billion to RM28.9 billion," he said.
The group's revenue from the sales of petrochemical products rose 9.4 per cent to RM13.9 billion from RM12.7 billion on the back of higher average realised prices.
Manufacturing revenue climbed to RM102.9 billion from RM97.6 billion the previous year.
"Without manufacturing activities, group revenue would be reduced by one-third annually," Mohd Hassan said.
Petronas also continued to reap benefits from its globalisation strategy, with its international business revenue, which comprises revenue from international operations and exports from Malaysia, up RM10.9 billion to RMRM141 billion, accounting for 76.6 per cent of total revenue.
In the period under review, Petronas secured six production sharing contracts overseas, namely in Indonesia, Egypt, Timor Leste, Pakistan, Cuba and deepwater offshore Vietnam.
On the strengthening ringgit, Mohd Hassan said it had a negative impact on the financial results of the group as Petronas conducted its business in US dollars.
"The exchange rate impact on the revenue totalled RM7.2 billion," he noted.
The group's total capital expenditure (capex) for financial year 2007 expanded to RM21.6 billion from RM18.7 billion, with the bulk of it going to domestic projects.
Overall, the group's total reserves increased 2.5 per cent to RM26.49 billion barrels of oil equivalent (boe) from 25.85 billion boe, of which almost 25 per cent was from international ventures.
Average total production was up 7.1 per cent to 1.71 million boe per day from 1.6 million, with international operations accounting for 34 per cent of the combined production compared with about 27 per cent last year.
In the retail sector, Petronas plans to add another three retail stations in Indonesia and acquire 27 sites for future expansion.
"The group also continued to strengthen its position in Thailand's petroleum pro-ducts market with 117 retail stations and successfully entered the aviation sector during the year," Mohd Hassan said.
DESIDERATA:
I promised some "re-cycling", so here's Cut&Paste froma year-ago entry, edited to show only relevant and critical points:
*************** Re-CYCLING STARTS HERE! ****************
:
:
:
A sum of net profit of RM43.6billion i.e. RM43,600,000,000 in one business entity that is equivalent to one year's Government budget allocation for the country under the 9th Malaysia Plan, and one F***ed up reader thinks Desi is over-spending time discussing the ISUUE.
I think ALL CONCERNED MALAYSIANS HAVE BETTER SIT UP TO DISCUSS THE ISSUE.
What ex-PM Tun Dr Mahathir Mohamad hinted at has been confirmed officially with yesterday's PETRONAS RESULTS -- minus the RM30billion paid as taxes to the Government, the national oil corporation has NET PROFIT OF RM43.6BILLION -- is it too much to expect that instead of raising OIL PRICES at the pump, they should be decreased?
I have argued on the same topic that every time the world oil prices head north, out local pump prices should head south ... because MALAYSIA IS A NET BENEFICIARY FROM THE UPWARD PRICE TREND WORLDWIDE AS WE GET MORE REVENUE.
DO YOU FOLLOW THE LOGIC HERE?
IT's just that Petronas is not transparent nor accountable to the people (via Parliament) on how it spends its monies.
:
:
:
"
Kim Quek said...
'We have shown better margins and returns than the majors,' Tan Sri Hassan said.
This statement is blatantly dishonest, as the bulk of Petronas' so-called profits are derived from the the petroleum producers in this country through the "production-sharing" agreements signed between Petronas and these producers. For these incomes from crude oil and gas, Petronas need not have to spend a single dollar in the exploration, production and capital costs relating to these productions.
If Petronas and the Prime Minister have been honest to the people, such incomes derived from the "production-sharing" agreements should have been seprately stated in the accounts, and deducted from its total profits. Only then could we ascertain how profitable is Petronas' operation.
Friday, June 30, 2006 1:40:19 PM
"H J Angus said...
Make the PETRONAS' accounts public and we can all make a good analysis of how effective the government has been to take care of this vital asset of Malaysia.
At the moment it seems to be the personal fund of the PM as even our MPs are kept in ignorance.
Friday, June 30, 2006 3:57:31 PM "
PS2 @10.09PM JUNE 1, 2015: did inform my alert ER THAT I had been anxiously waiting for PETRONAS' FINANCIAL RESULTS YEAR ended DEC 31, 2014 when I reported that it had suffered losses amounting to RM& to 8billion for the QUARTER of OCT. NOV & DEC 2014, the first such loss for the past 7 (I stand corrected...) years.
NORMALLY, THE RESULTS ARE ANNOUNCED IN THE MONTH OF MAY THE FOLLOWING YEAR. BUT THESE ARE NOT NORMAL TIMES EH! Thinking Aloud, Still Allowed hear -- is PETRONAS BUYING TIME TO DO SOME CREATIVE ACCOUNTING MEANW'ILE?
SEya tomorrow, if Desi wakes up to see the beautiful sunrise OK!
New
York's main contract, West Texas Intermediate for delivery in November
fell 66 cents to $79.85 a barrel, one day after losing more than five
dollars.
Brent North Sea crude for November dropped $1.52 to 103.97.The market remained dogged by persistent worries over another potential recession in the United States and the deepening debt crisis in the eurozone.
The United States is the world's biggest economy, and the biggest oil-consuming nation. It has yet to fully recover from the 2007-2009 recession, which was the country's worst since the Great Depression in the 1930s.
"We've seen a few attempts to push higher but every time we got into positive territory we've seen selling interest rise again," said Matt Smith of Summit Energy.
"It's really that uncertainty and nervousness, general trepidation in the market which is taking away the impetus for the prices to go higher."
"The feeling is that after such a large sell off yesterday, nothing has been resolved, we haven't learned anything today so it is really just the case of people unwilling to buy going into this weekend when there is so much uncertainty." - Today
DESIDERATA: Desi will search his archives hear to reprise an old post commenting on when WORLD OIL PRICES BALLOON, and how the BN gomen laments it had no choice bbut to raise local petrol prices at the pump, which always without fail lead to yet another round of price inflation!
PS: As promised, here's from my archives:)
Archive1:
Thursday, June 25, 2009
Petronas profits rise, pump prices rise...
Petronas profits fall, pump prices also will rise soon...Either way, you consumers are suckled. To the top people at the National Oil Corporation, the oil revenues/profits are for them to mainly enjoy, NOT for the Rakyat/citizens at large whose trust has been emplaced on these suckers and UMNO chieftains with the right cables who continue to plunder...
Does it really matter to the ordinary ciizen Joe like you and me whether Petronas achieved super huge profits like last Financial Year (and the immediate two years too?), and now currently reporting declining profits? Not one positive byte. When world oil pices rose, the Government lamented the subsidy element had risen, therefore pump prices had to be RAISED.
When world oil prices fell/are falling as now, the Government laments the Petronas' profits would fall, and therefore they might have to raise pump prices to make up for the shortfall in revenues accruing to the government's coffers.
"Heads you win, tails I lose." (This is my initial projection based on the previous lessons of Petronas-cum-Government followup actions after Petronas' annual announcement of financials. I will be happy to be proven wrong this time around, and God bless my fellow Malaysians it's the beginning of rolling good times ahead...This point was ADDED @6.25PM June 26, 2009 ~~ YLChong)
I am going to bed with a curse silently creeping stealthily onto my lips praying that those vultures in charge of my country's rich resourc would have just desserts after enjoying the free lunches on the tax-payers' behalf...
May God save us from these trustees,
I:
S:
A: men.
From the Malaysian Inisder:
Petronas profit falls
UPDATED
By Lee Wei Lian
KUALA LUMPUR, June 25 — National oil company Petronas’s net profit declined by 13.9 per cent due to low oil prices and high production costs.
The group reported RM52.5 billion in net profit compared with RM61 billion the previous year.
Petronas CEO and president Tan Sri Mohd Hassan Marican does not expect oil prices, currently around US$50 a barrel compared with a high of over US$140 last year, to improve any time soon.
"Fundamentals do not justify the prospect of high prices," he told the media during a briefing on the group's financial results.
"Demand is down and spare capacity has increased. My own opinion is that the current prices are due to speculative trading and the depreciation of the US dollar. We are still in a low price and high-cost environment till the global economy improves."
The Petronas group's revenue increased by 18.4 per cent to RM264.2 billion compared with RM223.1 billion the previous year.
"Our performance is on par with other major and national oil companies," said Hassan.
Looking forward, the company, one of the most profitable in Asia, expects to invest about US$12 billion (RM42 billion) this year of which 60 per cent will be to develop domestic upstream and downstream capabilities and the rest to develop new international hydrocarbon reserves.
It will also look to bring down costs by as much as 30 per cent to help its bottom line.
"We will talk to our contractors to bring down costs," said Hassan.
He added that the company's cash position is "very comfortable" but does not rule out raising funds via borrowings due to attractive interest rates.
******************************
Archive2:
Friday, June 29, 2007
Petronas profits surge, but pump prices rise...
The National Oil Corporation, PETRONAS, continues its profitable run while the oil pipelines gush on, and on, but where does the ordinary Malaysian figure in these flows of God-blessed riches?Oil is the country's natural resource -- but do we The Rakyat have any real taste of the past few years' burgeoning oil profits -- RM35.5bil in FYE March2005 followed by RM43.6 billion (NOW re-stated as RM43.1bil) in FYE March2006, culminating with the latest financial year ended March 31, 2007 in a bumper harvest of net profit of RM46.4billion.
Pak Lah must be grinning from ear to ear and may just continue with his never-ending honeymoon abroad. No wonder he could give a handsome pay rise to Government servants -- which I don't begrudge as long as they deliver and improve on productivity! And maybe the logical expectations the Prime Minister would splash on the 50th Merdeka celebrations to create another "feel good" factor, then call the next General Elections. Predictable.
But while profits keep surging, the pump prices also surge in tandem...
DOES THIS ADD UP?
Another predictable -- Petronas would just maintain its elegant silence like in the past two years.
You, dear ER, tell Desi while I take a break and look up last year's comments. I plan to RE-CYCLE because the rationale has not changed. Of course, I am a greenie when the circumstances suit Desi. And if the Government declares a bonus to Malaysians as Merdeka 50th Anniversary Celebrations, I will even turn Government supporter. For the month of August 2007. Can have some oil dollars to celebrate. We can THINK ALLOWED, even DREAM ALOUD, can't we?
From The NST,
Petronas pumps up record RM184b revenue
June 29 2007
PETROLIAM Nasional Bhd (Petronas) yesterday reported an 8 per cent increase in net profit to RM46.4 billion for its year ended March 31 2007.
The increase which came on a record revenue of RM184.1 billion was driven largely by increased demand for its petroleum products and the higher crude oil prices.
Revenue for the year was RM184.1 billion and pre-tax profit was RM76.3 billion, both increasing about 10 per cent from the previous year, Petronas president and chief executive officer Tan Sri Mohd Hassan Marican told a press conference in Kuala Lumpur.
Petronas' balance sheet continued to strengthen with total assets rising 7.8 per cent to RM294.6 billion while shareholders' funds expanded 16.3 per cent to RM170.9 billion while return on average capital employed remained high at 40.9 per cent.
In short, Mohd Hassan said, Petronas either matched or bettered performances of other major oil players and national oil companies, given the challenging global environment in the industry during the year under review.
Crude oil prices stayed high in 2007 as demand outstripped supply.
Meanwhile, supply disruptions in Alaska and Nigeria, and continuing geopolitical tensions in the Middle East, raised more concerns over security of supply.
Refined petroleum products remained top revenue generator for Petronas, with sales amounting to RM62.7 billion or one third of total revenue.
Revenue from the sale of crude oil and condensates rose to RM45.4 billion compared with RM41 billion registered in the previous year, as a result of higher sales volume as well as stronger crude oil prices.
"Sales volume increased from 184.9 million barrels to 192.4 million barrels, contributed by new crude oil production from Turkmenistan and Sudan," he said.
He said liquefied natural gas (LNG) continued to be the largest revenue contributor for the group.
"Sales volume increased by 2.1 per cent from 23.6 million tonnes to 24.1 million tonnes on the back of higher volume produced from the group's Egyptian LNG, by 1.4 per cent from RM28.5 billion to RM28.9 billion," he said.
The group's revenue from the sales of petrochemical products rose 9.4 per cent to RM13.9 billion from RM12.7 billion on the back of higher average realised prices.
Manufacturing revenue climbed to RM102.9 billion from RM97.6 billion the previous year.
"Without manufacturing activities, group revenue would be reduced by one-third annually," Mohd Hassan said.
Petronas also continued to reap benefits from its globalisation strategy, with its international business revenue, which comprises revenue from international operations and exports from Malaysia, up RM10.9 billion to RMRM141 billion, accounting for 76.6 per cent of total revenue.
In the period under review, Petronas secured six production sharing contracts overseas, namely in Indonesia, Egypt, Timor Leste, Pakistan, Cuba and deepwater offshore Vietnam.
On the strengthening ringgit, Mohd Hassan said it had a negative impact on the financial results of the group as Petronas conducted its business in US dollars.
"The exchange rate impact on the revenue totalled RM7.2 billion," he noted.
The group's total capital expenditure (capex) for financial year 2007 expanded to RM21.6 billion from RM18.7 billion, with the bulk of it going to domestic projects.
Overall, the group's total reserves increased 2.5 per cent to RM26.49 billion barrels of oil equivalent (boe) from 25.85 billion boe, of which almost 25 per cent was from international ventures.
Average total production was up 7.1 per cent to 1.71 million boe per day from 1.6 million, with international operations accounting for 34 per cent of the combined production compared with about 27 per cent last year.
In the retail sector, Petronas plans to add another three retail stations in Indonesia and acquire 27 sites for future expansion.
"The group also continued to strengthen its position in Thailand's petroleum pro-ducts market with 117 retail stations and successfully entered the aviation sector during the year," Mohd Hassan said.
DESIDERATA:
I promised some "re-cycling", so here's Cut&Paste froma year-ago entry, edited to show only relevant and critical points:
*************** Re-CYCLING STARTS HERE! ****************
:
:
:
A sum of net profit of RM43.6billion i.e. RM43,600,000,000 in one business entity that is equivalent to one year's Government budget allocation for the country under the 9th Malaysia Plan, and one F***ed up reader thinks Desi is over-spending time discussing the ISUUE.
I think ALL CONCERNED MALAYSIANS HAVE BETTER SIT UP TO DISCUSS THE ISSUE.
What ex-PM Tun Dr Mahathir Mohamad hinted at has been confirmed officially with yesterday's PETRONAS RESULTS -- minus the RM30billion paid as taxes to the Government, the national oil corporation has NET PROFIT OF RM43.6BILLION -- is it too much to expect that instead of raising OIL PRICES at the pump, they should be decreased?
I have argued on the same topic that every time the world oil prices head north, out local pump prices should head south ... because MALAYSIA IS A NET BENEFICIARY FROM THE UPWARD PRICE TREND WORLDWIDE AS WE GET MORE REVENUE.
DO YOU FOLLOW THE LOGIC HERE?
IT's just that Petronas is not transparent nor accountable to the people (via Parliament) on how it spends its monies.
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Kim Quek said...
'We have shown better margins and returns than the majors,' Tan Sri Hassan said.
This statement is blatantly dishonest, as the bulk of Petronas' so-called profits are derived from the the petroleum producers in this country through the "production-sharing" agreements signed between Petronas and these producers. For these incomes from crude oil and gas, Petronas need not have to spend a single dollar in the exploration, production and capital costs relating to these productions.
If Petronas and the Prime Minister have been honest to the people, such incomes derived from the "production-sharing" agreements should have been seprately stated in the accounts, and deducted from its total profits. Only then could we ascertain how profitable is Petronas' operation.
Friday, June 30, 2006 1:40:19 PM
"H J Angus said...
Make the PETRONAS' accounts public and we can all make a good analysis of how effective the government has been to take care of this vital asset of Malaysia.
At the moment it seems to be the personal fund of the PM as even our MPs are kept in ignorance.
Friday, June 30, 2006 3:57:31 PM "
PS2 @10.09PM JUNE 1, 2015: did inform my alert ER THAT I had been anxiously waiting for PETRONAS' FINANCIAL RESULTS YEAR ended DEC 31, 2014 when I reported that it had suffered losses amounting to RM& to 8billion for the QUARTER of OCT. NOV & DEC 2014, the first such loss for the past 7 (I stand corrected...) years.
NORMALLY, THE RESULTS ARE ANNOUNCED IN THE MONTH OF MAY THE FOLLOWING YEAR. BUT THESE ARE NOT NORMAL TIMES EH! Thinking Aloud, Still Allowed hear -- is PETRONAS BUYING TIME TO DO SOME CREATIVE ACCOUNTING MEANW'ILE?
SEya tomorrow, if Desi wakes up to see the beautiful sunrise OK!
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