KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) today reported a group loss after tax of RM21 billion for the financial year ended Dec 31, 2020 (FY20).
It said this was due to net impairment losses totalling RM31.5 billion — its biggest so far — compared to a profit after tax of RM40.5 billion in 2019.
Excluding impairment, the national oil company recorded a profit after tax of RM10.5 billion for the year, a decrease of 78% compared to RM48.8 billion in the previous year, in line with lower revenue realised, partially offset by the lower group costs incurred.
“I want to emphasise that impairment is not cashflow.
“In line with the rest of the industry, we have had to make this provisioning because our carrying value of our assets have been staggeringly impacted by the events of last year and the very depressed outlook for oil and gas prices,” president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz told a virtual press conference today.
Petronas’ revenue fell to RM178.7 billion against RM240.3 billion in the previous financial year.
This was largely due to the effects of plummeting oil prices which saw lower average realised prices for all products, along with demand disruption resulting in lower sales volume from processed gas, petroleum products and liquefied natural gas (LNG). - FMT
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