Friday 29 Mar 2024
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KUALA LUMPUR (Nov 15): Petron Malaysia Refining & Marketing Bhd's net profit fell 19.4% to RM85.54 million in the third quarter ended Sept 30, 2018 (3QFY18) from RM106.07 million a year ago, on lower refining margins.

This resulted in a lower earnings per share of 31.7 sen for 3QFY18 compared with 39.3 sen for 3QFY17.

Quarterly revenue, however, rose 28.9% to RM3.3 billion from RM2.56 billion in 3QFY17 on higher oil prices and modest growth in sales volume.

In a filing with Bursa Malaysia today, Petron said total sales volume for 3QFY18 reached 9.1 million barrels, relatively flat compared with the 9 million barrels recorded in the same period last year as demand from the commercial sector slowed down this year.

Dated Brent crude averaged US$75 per barrel in the quarter under review compared with US$52 per barrel a year ago.

The weaker quarterly earnings dragged the group's net profit for the cumulative nine months (9MFY18) down 18.2% to RM250.09 million from RM305.61 million a year ago, although revenue grew 21.5% to RM9.15 billion from RM7.53 billion in 9MFY17.

On prospects, Petron said oil prices have been volatile this year.

"Management expects the price volatility to continue due to several factors such as geopolitical tensions and trade wars which may affect oil supply and demand.

"The company will maintain its service station network expansion programme to cater to its growing customer base and upgrade its refinery and distribution facilities to support the increasing requirements," it added.

Petron shares closed up 12 sen or 1.71% at RM7.13 today, with 71,900 shares done, bringing a market capitalisation of RM1.93 billion.

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