Malaysia’s Petronas Profit Down 11 Percent In First Quarter

Malaysia’s Petronas Profit Down 11 Percent In First Quarter

KUALA LUMPUR, Jun 1 (NNN-BERNAMA) – Malaysian state-owned oil and gas firm, Petronas, reported lower earnings in the first quarter of this year, amid prolonged volatility in the pricing landscape.

The firm said in a statement yesterday that, its profit after tax dropped 10.5 percent year on year to 21.3 billion ringgits (4.52 billion U.S. dollars), in the first quarter. Its revenue for the quarter, however, grew 0.45 percent year on year to 89.7 billion ringgits.

According to the firm, the oil and gas market in the first quarter continued to be affected by uncertainties in macroeconomic and geopolitical situations, amid the energy transition that leads to a prolonged volatile pricing landscape.

It said, the firm will remain committed to ensuring energy security for its customers, within and outside Malaysia, through strategic cost management, a sustained robust portfolio and prudent liquidity management.

In line with its energy transition strategy, the firm said, it is progressing at pace to strengthen its core business by continuing efforts towards completion of the Kasawari gas field development in Malaysia, and the liquefied natural gas (LNG) plant in Canada, by the end of the year.

In addition, the firm is scaling up its new business, with the commissioning of the inaugural interstate transmission system-connected solar project in India. (1 ringgit equals 0.21 U.S. dollar)– NNN-BERNAMA  


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