From AFP via MOLE>COM:
Petronas profit up 54.3 per cent
Petronas profit up 54.3 per cent
Friday, December 2, 2011
KUALA LUMPUR: Malaysian state energy firm Petronas said on Thursday its second-quarter net profit increased 54.3 per cent from the year-earlier period, boosted by higher crude oil prices.
Petronas said in a statement that its profit for the three months ending September 30 was RM18.35 billion, up from RM11.89 billion in the same quarter last year.
Revenue for the company, Malaysia's only Fortune 500 firm, also increased 26 per cent in the quarter to RM71.83 billion year-on-year despite a challenging economic environment, it said.
"Global oil demand grew by 0.8 per cent year-on-year due to increased demand from emerging markets but was offset by reductions from advanced economies," it said.
The company also has bid for onshore exploration blocks in Myanmar with a local partner there and expects the bidding process to be completed early next year, Wee Yiaw Hin, executive vice-president of exploration and production, was quoted saying by Dow Jones Newswires.
The company said oil prices across the board were up to 55 per cent higher in the second quarter but were expected to ease amid the global economic uncertainty and higher output from the Organisation of Petroleum Exporting Countries.
For the first half of the financial year, Petronas recorded 25.3 per cent revenue growth to RM144.8 billion, while profit rose 50.9 per cent to RM40 billion year-on-year.
Petronas said it expects a profit before tax of up to RM75 billion for the financial year ending this December.
Petronas contributes almost half of Malaysia's budget revenues.
DESIDERATA: Will add more comments later OK? I need to have my 40winks, and it's not winking at the damsels at Temian Corner OK!
1 comment:
U NEED to understand the petrol price is control by government and not by PETRONAS itself, so don't blame PETRONAS but blame our government, how about Shell and Exxon? they also suck our resourceses..... PETRONAS contribute to the citizen but government miss use and claim it it comes from themselves.....
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