KUALA LUMPUR (Aug 26): Petron Malaysia Refining & Marketing Bhd narrowed its net loss to RM69.29 million for the second quarter ended June 30, 2020 (2QFY20), from RM83.68 million for the immediate preceding quarter.

This was despite revenue falling 54.28% to RM1.02 billion from RM2.24 billion in 1QFY20, the group's filing with Bursa Malaysia showed.

The group attributed the improved financial results to a recovery in sales volume and uptick in oil prices as well as  effective cost-savings measures.

Petron reported a net profit of RM56.22 million for 2QFY19 on revenue of RM3.02 billion.

The group posted a cumulative net loss of RM152.97 million for the six months ended June 30, 2020, against a net profit of RM113.74 million for the same period last year. Half-year revenue sank 43.42% to RM3.26 billion from RM5.77 billion.

The lower half-year revenue was attributed to the significant fall in oil prices, coupled with lesser sales volume.

The group recorded sales of 14.1 million barrels, versus 18.3 million barrels a year ago, amid low demand from restricted travel and economic activities.

On prospects, Petron said it anticipates its financial performance to improve along with the country's economic recovery.

Petron's share price closed unchanged at RM3.55, valuing the group at RM958.5 million. Year-to-date, the stock has fallen by 29%.

Edited by S Kanagaraju