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April 24, 2017

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Profit for Malaysia's Petronas drops by 30 percent during second quarter

KUALA LUMPUR -- Malaysian state energy firm Petronas said Friday its second-quarter net profit shrank 30 percent to 15.22 billion ringgit (US$4.89 billion) mainly due to lower crude oil prices.

Revenue at Malaysia's only Fortune 500 company sank by 3 percent to 70.70 billion ringgit for the quarter ending June 30, down from 72.94 billion ringgit in the same period last year.

Petronas said oil prices tanked due to the bearish market sentiment surrounding the economies of Europe, the U.S. and China.

It added that revenue was also dampened by lower volume of oil and gas products sold due to limited opportunities, operational challenges and scheduled plant turnarounds.

Despite year-to-date numbers outpacing last year's, Petronas said it now expects current-year prospects to be "lower than performance for last year."

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