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Petronas Dagangan among top losers on weak Q2 results

KUALA LUMPUR, Aug 26 (Bernama) -- Petronas Dagangan Bhd (PDB) shares were among the top losers today after posting a weak second-quarter financial results.

At 11.46 am, Petronas Dagangan shares fell 34 sen to RM22.92 with 113,400 shares changed hands.

Malacca Securities Sdn Bhd in a research note today said PDB's recorded a 45 per cent year-on-year decline in its second-quarter net profit to RM172.8 million, from RM314.4 million in the previous year, dragged down by lower margins for its retail and commercial operations

Revenue, however, increased 4.5 per cent year-on-year to RM7.61 billion from RM7.28 billion a year earlier.

Kenangan Investment Bank in a separate note said the disappointing results were due to the plunge in Mean of Platts Singapore (MOPS) prices, which was in-line with the high volatility of crude oil price.

It said MOPS price volatility remained a concern in the third quarter especially in early August, which might again put pressure on profit margin to create earnings shock.

“On the other hand, we are unlikely to see strong growth in the third quarter given the heavy traffic volume for Hari Raya Aidilfitri festive in June.

“As such, we see little volume growth or worse still a trend downwards for its fuel segment given the change of commuting trend, especially in Klang Valley with the launch of mass rapid transit (MRT) as well as the trend of electric vehicles,” it said.

Therefore, it said MOPS’ price movement and business volume remained the key deciding factors to the bottom-line.

-- BERNAMA

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