Petronas posts Q3 profit, sees modest demand growth
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[KUALA LUMPUR] Malaysia's state energy firm Petroliam Nasional or Petronas, swung to a third-quarter profit on higher prices and demand, and forecast a modest recovery in demand.
The company reported third-quarter profit of RM16.3 billion (S$5.3 billion), compared with a loss of RM3.4 billion in the year-ago quarter.
Revenue rose 50 per cent to RM61.8 billion, mainly due to higher average realised prices, the company said.
"The current trajectory of the oil and gas industry is expected to continue, given modest recovery in demand underpinned by improvements of economic activities globally," the company said in a statement.
REUTERS
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