Petron net profit improves to RM92.42m in Q2

, Aug 29 — Petron Refining & Marketing Bhd’s net profit improved slightly to RM92.42 million in the second quarter ended June 30, 2018 compared with RM90.99 million in the same period last year.

Revenue rose by 29 per cent to RM3.1 billion from RM2.44 billion previously, largely due to higher oil prices and sustained growth in sales volume, it said in a filing with Bursa Malaysia today.

Total sales volume for the period reached 9.1 million barrels, a seven per cent increase from 8.5 million barrels last year.

It noted that  crude averaged US$74 per barrel during the quarter compared with US$50 per barrel during the same period in 2017.

Meanwhile, the company’s revenue for the first half of 2018 increased by 15 per cent to RM5.9 billion from RM5.0 billion last year, driven by higher prices and sales volume.

Net profit was lower at RM164.54 million compared with RM199.53 million previously.

On prospects, the company said persistent factors in the geopolitical situations that affected the would continue to cause volatility in oil prices.

However, the company would continue to mitigate exposures to price risks through its management system.

Petron Malaysia is optimistic that Malaysia’s economic growth, which is forecast to remain above five per cent this year, would provide more opportunities to optimise its current operations.

It will also set the pace for the company to expand its business by opening additional retail outlets in targeted growth areas and delivering innovative products and services, the company said. — Bernama

Source: The Malay Mail Online

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