Petronas Q1 Profit Rises

Malaysian state-owned Petronas May 31 reported a profit after tax of ringgit 14.2bn ($3.4bn) for the three months to March (Q12019), up 9% year-on-year owing to higher sales volume for petroleum products and LNG.

Revenue during the quarter was ringgit 62bn, up 7% year-on-year. Company’s capital investment during Q1 was ringgit 8.3bn, mainly attributable to upstream projects, it said.

Total production dropped 1.3% to 2.4mn boe/day due to lower crude production from Iraq, it said. LNG sales rose 6.7% to 8.45mn metric tons thanks to a higher volume from Bintulu and increased trading activities.

Commenting on the outlook for the year, Petronas said that the oil and gas industry will continue to operate in a challenging environment arising from market uncertainties and geopolitical risks.

“The board expects the overall year end performance of Petronas Group to be affected by the rising volatility of oil price and foreign exchange movement,” the company said.