KUALA LUMPUR (Feb 27): Petron (M) Refining & Marketing Bhd booked a net profit of RM28.97 million in the fourth quarter ended Dec 31, 2019, as opposed to losses of RM25.55 million a year earlier, on higher revenue, lower cost of sales and lower expenses.

Quarterly earnings per share stood at 10.7 sen as against 9.5 sen in losses per share previously.

In a filing today, Petron said it recognised inventory holding gains and lower operating expenses thanks to higher crude prices, offset by tighter refining margins.

Quarterly revenue grew 0.7% to RM2.91 billion from RM2.89 billion previously, thanks to higher sales volume.

For the full financial year (FY19), Petron’s net profit fell 21.12% to RM177.13 million from RM224.54 million in the previous year.

This was as revenue slid 4.9% to RM11.46 billion from RM12.05 billion as a 6% growth in sales volume to 9.2 million barrels was offset by a 7% decline in average Brent crude price to US$63 per barrel.

On prospects, Petron said the focus remains on retail network expansion, operational efficiency, and customer service experience, it said.

Shares of Petron fell 10 sen or 2.04% to close at RM4.80 today, giving the group a market capitalisation of RM1.3 billion.

Petron did not declare any dividend during the quarter. It had earlier paid a final dividend of 20 sen per share for the year.