Malaysia's PETRONAS Q4 net profit down 57% on lower margins

07 March 2013 10:10  [Source: ICIS news]

SINGAPORE (ICIS)--PETRONAS reported on Thursday a 57% year-on-year fall in its net profit to ringgit (M$) 5.97bn ($1.93bn) in the fourth quarter of last year, partly weighed by lower margins resulting from higher operating costs.

Impairment losses on property, plant and equipment also weighed on its net profit in the fourth quarter of last year, it said in a statement.

The company’s revenue slipped by 1.6% year on year to M$76.8bn in the fourth quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 0.9% at M$30.8bn, the state-controlled firm said.

For the full year of 2012, the company’s net profit was down by 17% year on year at M$49.4bn, while sales rose by 0.9% to M$291.0bn.

Its EBITDA was down by 2.5% year on year at M$120bn in 2012.

($1 = M$3.10)

By: Nurluqman Suratman

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