Petronas's Q3 net profit tumbles 91%

[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