March 05, 2012
KUALA LUMPUR, Mar 5 – State oil firm Petronas Group has posted RM53 billion net profit for the nine months ended December 31, 2011, excluding gains, owing to higher margins from improved plant performance.
Group revenue also improved by 26.9 per cent from the 2010/11 financial year to RM222.8 billion on the back of higher realised prices and improved gas sales volume.
Gross operating profit after tax surged 30 per cent to RM52.4 billion from the previous financial year, with the group’s energy and production division recording the highest incremental contribution on stronger crude prices.
But higher crude oil prices also dragged Petronas’s downstream operating profit down 14 per cent.
Petronas president and chief executive Datuk Shamsul Azhar Abbas, however, cautioned that the firm’s growth will be stagnant in 2012 and 2013 owing mainly to domestic oil field depletion and lower global demand.
“The challenge remains the same for 2012 and 2013. Only from 2014 onwards we’ll see a better production profile due to the bigger projects we’re embarking on,” he told reporters today.
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