Petronas's Q3 net profit tumbles 91%
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[KUALA LUMPUR] Malaysia's Petroliam Nasional Bhd (Petronas) reported on Wednesday a 91 per cent plunge in third-quarter net profit due to weak global crude oil prices.
The state-owned oil firm made a net profit of 1.4 billion ringgit (US$321.10 million) in July-September compared to 15.1 billion ringgit in the same period a year earlier. It was the third straight quarter of profit declines for Petronas this year.
Revenue for the quarter fell by 25 per cent to 60.1 billion ringgit from 80.4 billion a year ago, the company announced at an earnings briefing.
"Moving forward, the outlook for the rest of 2015, and into the first half of 2016, remains uncertain," said Petronas President and Group Chief Executive Wan Zulkiflee Wan Ariffin.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
