Malaysia’s PETRONAS Q2 net profit falls 34% on lower oil prices

07 September 2012 12:01  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia’s state-owned energy firm PETRONAS said on Friday its second-quarter net profit slumped by 34% year on year to Malaysian ringgit (M$) 12.8bn ($4.1bn), partly weighed by lower prices of oil and petroleum products.

Its revenue dropped by 3% year on year to M$70.7bn in the June quarter, while its gross profit margin fell to 37% from 42%, the company said in a statement.

The firm’s downstream segment had a 5% decline in revenue to M$36.2bn in the second quarter, in spite of a 14% increase in petrochemical sales volume to 1.6m tonnes, PETRONAS said.

Meanwhile, its crude oil sales volume fell by 21% year on year to 36.9m barrels in the three months to June 2012, weighed down by the “persisting geopolitical issues in Sudan and also limited trading opportunities for crude oil”, the company said.

PETRONAS attributed the decline in crude oil prices to “bearish economic sentiment” because of the eurozone debt crisis, the fragile US economy and China’s slowdown.

 “The weakening oil prices [were] mirrored in other energy products prices, particularly petroleum products and petrochemical products,” it said.

($1 = M$3.11)

By: Nurluqman Suratman

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