Profit more than doubles for Malaysia's Petronas

Profit more than doubles for Malaysia's Petronas

Malaysia's state energy firm Petronas on Friday said its first quarter
profits were more than twice the figure seen in the same period last year as
higher oil prices buoyed revenues.

The unlisted firm, the single largest source of Malaysian government revenue
and national export earnings, said currency fluctuation and increased gas
production had also boosted revenues, which rose 25 percent to 61.6 billion
ringgit ($14.4 billion).

This helped Petronas to post a 10.3 billion ringgit net profit for the first
three months of this year, compared with 4.6 billion ringgit during the same
period in 2016.

In a statement, Petronas said it was maintaining "a conservative outlook for
the remainder of 2017 despite the positive results as supply and demand
balances are still slow to return to a sustained equilibrium."

Malaysia's only Fortune 500 company saw a 12 percent rise in annual profits
for 2016, after it slashed spending to offset slumping oil prices.

Recovery

It reported sharp profit drops in the first two quarters of last year before
recovering in the second half.

Malaysia's economy grew at its fastest pace in two years during the first
quarter, the central bank said last month, boosted by stronger domestic
demand and a pick-up in exports.

Global oil prices surged above $50 a barrel for much of the early part of
the year, after the OPEC cartel decided at the end of last year to reduce
output over a six-month period to support prices.

They have since pared back after the cartel opted not to make further
production cuts.

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Link to Original Article:
http://www.philstar.com/business/2017/06/03/1706048/napocor-seeks-recovery-p
13.3-b-grid-electrification

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com