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Petronas Posts 39 pct Drop In Q1 Profit On Global Oil Slump

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KUALA LUMPUR: Petroliam Nasional Bhd, (Petronas) reported a 39 percent drop in quarterly net profit due to a drop in benchmark crude prices.

Net profit was RM11.4 billion for the January-March period, compared to a profit of RM18.8 billion in the same period in 2014,

Petronas said. Revenue for the quarter was RM66.2 billion against RM84 billion in the prior year period. The company said quarterly profits were impacted by lower revenue due to a 50 percent drop in benchmark crude price, but was helped by higher processed gas trading and better LNG sales volume. It maintained a projection for crude oil prices to average USD55 a barrel in 2015.

Petronas will pay a dividend of RM26 billion to the Malaysian government in 2015, lower than the dividend of RM29 billion it paid in 2014.

Unlisted Petronas is Malaysia’s only Fortune 500 company and accounts for most of the government’s oil and gas revenue. –Reuters



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