Petronas Q3 net profit crashes 90% to RM1.35b

Kuala Lumpur

MALAYSIA'S national oil company Petronas has posted an over 90 per cent fall in profit after tax (PAT) to RM1.35 billion (S$442 million) for the third quarter ended September, amid a continuing slump in global oil prices and a second quarter of asset impairment losses.

Its downstream business provided the silver lining, growing by a third to RM12.7 billion on lower feedstock prices and higher refining and marketing margins. It helped offset the poorer upstream earnings of RM100 million only, after Petronas booked impairment losses of some RM5.4 billion.