KUALA LUMPUR (Aug 26): Petronas Dagangan Bhd was Bursa Malaysia's top decliner in morning trade today after the company said yesterday its second-quarter net profit dropped to RM3.51 million from RM172.75 million a year earlier.

At 9.03am, Petronas Dagangan's share price was down 50 sen or 2.36% at RM20.72.\

Petronas Dagangan saw 100 shares traded. At RM20.72, the company had a market capitalisation of RM21.08 billion.

In statements to Bursa yesterday, Petronas Dagangan said its revenue fell to RM2.93 billion for the second quarter ended June 30, 2020 (2QFY20) from RM7.61 billion a year earlier.

For the first half ended June 30, 2020 (1HFY20), Petronas Dagangan said its cumulative net loss stood at RM25.91 million versus a net profit of RM463.95 million a year earlier.

Today, TA Securities Holdings Bhd analyst Kylie Chan Sze Zan wrote in a note that Petronas Dagangan's 1HFY20 core net profit of RM14 million missed expectations.

"This was below our full-year profit forecast of RM406 million (the consensus: RM440 million). We retain our forecast pending updates from management at an analyst briefing later today.

"Our target price (RM17.20) and recommendation for Petronas Dagangan (a 'sell' call) are placed under review. We await additional details from management at today’s briefing," Chan said.