KUALA LUMPUR (May 30): Petron Malaysia Refining & Marketing Bhd's net profit fell 20.25% to RM57.52 million in the first quarter ended March 31, 2019 (1QFY19) from RM72.12 million a year ago, despite marginally higher revenue, as the group booked unrealised commodity losses.

This resulted in a lower earnings per share of 21.3 sen versus 26.7 sen in 1QFY18, the refiner said in a filling with Bursa Malaysia. 

Quarterly revenue inched up 0.76% to RM2.75 billion from RM2.73 billion, on higher sales volume, but was tempered by the overall drop in product prices. 

On prospects, Petron said the company remains cautious, given continued volatility in the global market, as well as challenges from the domestic front. 

Petron added that the outcome of the Organization of the Petroleum Exporting Countries (OPEC) supply cuts, trade sanctions and US-China trade wars, will continue to significantly influence oil price and demand. 

“Despite these challenges, the company is committed to continue embarking on various strategic programs such as network expansion, plant and facility improvements and supply chain enhancement to improve sales volume and market presence,” Petron said. 

Petron shares closed up three sen or 0.45% at RM6.67 today, bringing a market capitalisation of RM1.80 billion. It saw some 40,700 shares done.