Petronas Q2 Profit Up 8%

Malaysia’s Petronas September 20 said its net profit increased during the three months to June 30 (Q2 2019) was ringgit 14.7bn ($3.52bn), up 8% year on year.

Revenue during Q2 was at ringgit 59.1bn as against ringgit 59.2bn in the year-ago period. The slight reduction was mainly due to lower average realised prices for petroleum products and LNG, Petronas said, adding this was partially offset by higher sales volume for crude oil and condensates, as well as LNG, coupled with the effect of the weakening ringgit against the US dollar. 

Profit after tax during the six months to June 30 (H1 2019) was ringgit 29.9bn, up 9% year on year, Petronas said. Revenue in H1 was ringgit 121.1bn, an increase of ringgit 3.9bn from ringgit 117.2bn in H1 2018.

Petronas expects oil and gas market to continue to be volatile in H2 2019, “amid protracted trade issues that have spread beyond the United States and China, sluggish oil demand growth as well as the slowing global economy”. The company expects these prevailing uncertainties to pose challenges to its overall year-end performance.