KUALA LUMPUR (May 30): Petronas said today its first quarter profit after tax (PAT) increased 26% to RM13 billion from a year earlier on the back of higher revenue and net write-back on impairment.

In a statement today on its website, Petronas said revenue grew to RM57.9 billion in the first quarter ended March 31, 2018 (1QFY18) from RM56.5 billion. The Malaysian national oil company said the increase was mainly due to higher average realised prices recorded across all products but largely offset by the effect of the strengthening ringgit against the US dollar.

"Petronas posted favourable results for the first quarter ended March 31, 2018, with an increase in PAT of 26% from the corresponding period in the previous year, supported by the group's ongoing focus on overall business improvement initiatives and operational excellence, coupled with a recovery in commodity prices.

"The group will continue to drive for productivity and growth on the back of oil price recovery. Subject to volatility of oil price and foreign exchange rate, the group expects the overall year-end performance to be satisfactory," Petronas said.

Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said in the statement that while crude oil prices have trended upwards, the industry must continue to be diligent in institutionalising the cost-effective discipline and the drive for efficiencies pursued over the past few years.

"This will ensure the sustainability of Malaysia's oil and gas industry in the current competitive global landscape," Wan Zulkiflee said.