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Petronas' net profit for Q2 up 8 pct to RM14.7 bln

KUALA LUMPUR, Sept 20  -- Petroliam Nasional Bhd's (Petronas) net profit increased 8.0 per cent to RM14.7 billion for the second quarter ended June 30, 2019, from RM13.6 billion a year ago, on the back of the weakening ringgit against the US Dollar, partially offset by higher production costs. 

Revenue for the quarter was RM59.1 billion, a marginal decrease from RM59.2 billion, mainly due to lower average realised prices for petroleum products and liquified natural gas (LNG). 

Lower revenue for the quarter was offset by higher sales volume for crude oil and condensates, as well as LNG, coupled with the effect of the weakening ringgit against the US Dollar. 

Capital expenditure during the second quarter of 2019 was RM7.5 billion, mainly attributable to upstream projects. 

President and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said Petronas continued to deliver a healthy financial performance for the first half of the year despite persistent challenging market conditions. 

"Our growth journey will continue to be guided by our three-pronged strategy and we will progress with our efforts to build the organisation's resilience in facing anticipated prolonged market volatility and the changing of the energy landscape," he said in a statement today. 

Meanwhile, for the first half of 2019, the national oil firm's net profit rose 9.0 per cent to RM28. 9 billion from RM26.6 billion year-on-year, on the back of higher revenue.

However, the increase was offset by higher production cost. 

Revenue for the period increased by RM3.9 billion to RM121.1 billion from RM117. 2 billion mainly driven by higher sales volume for petroleum products and liquefied natural gas as well as the weakening of the ringgit against the US Dollar.

The total production rate for the first half of 2019 was 2.418 million barrels of oil equivalent (boe) per day, up from 2.383 million boe in the same period last year, mainly due to higher natural gas production from Malaysia, but partially offset by lower crude oil from Iraq.

Total LNG sales volume for the six months of 2019 was 5.0 per cent higher at 15.23 million tonnes from the same period last year, mainly due to the higher volume from Petronas LNG Complex in Bintulu and higher trading activities.

Meanwhile, the Pengerang Integrated Complex in Johor is on track to achieve commercial operations in the fourth quarter this year with the overall progress of 99.7 per cent as of June 30, 2019.

-- BERNAMA

 

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