Malaysia's Petronas says Q1 profit doubles, but cautious over outlook

MALAYSIA'S state energy firm Petronas on Tuesday (May 31) posted higher profit of RM23.4 billion (S$7.3 billion) for its first quarter, in tandem with greater revenue following an upward trend in prices.

Revenue rose almost 50 per cent to RM78.8 billion in the January-March quarter, mainly due to the price impact for major products, the company said in a statement.

Petronas said the quarter's post-tax profit was 154 per cent higher than a year ago, though that was partially offset by higher product costs and taxation.

President and Group CEO, Tengku Muhammad Taufik said the state oil firm "greatly benefited from an elevated price environment", but held a cautious outlook amid uncertain geopolitical conditions and accelerated moves towards renewable energy sources.

"Despite favourable Quarter 1 performance, the high oil and gas prices are expected to remain vulnerable with increased volatility due to geopolitical and macro-economic uncertainties," the firm said. REUTERS