ZCZC
BCN-32
MALAYSIA-OIL-PETRONAS-EARNING
Malaysia’s Petronas H1 profit rises 54 pct to 6.45 bln USD
KUALA LUMPUR, Aug. 30, 2018 (BSS/Xinhua) – Malaysia’s state-owned oil giant
Petronas announced Thursday that its net profit for the first half of this
year jumped 54 percent year-on-year to 26.6 billion ringgit (6.45 billion
U.S. dollars), supported by higher revenue, lower net impairment on assets,
well costs and other expenses.
Petronas president and chief executive officer Wan Zulkiflee Wan Ariffin
told a press briefing that the group’s revenue also rose 8 percent year-on-
year to 117.2 billion ringgit, benefiting from ongoing internal efforts to
optimize efficiency, as well as higher average realized prices for all
products and increased production.
For the second quarter, its net profit surged 94 percent year-on-year to
13.6 billion ringgit, while its revenue grew 15 percent to 59.2 billion
ringgit.
Wan Zulkiflee expects the group overall year-end performance to be
satisfactory, driven by emphasis on productivity and growth strategies.
As its earnings improved in the first half, the group’s dividend payment to
Malaysian government this year will also be increased to 24 billion ringgit
from 16 billion ringgit last year, he said.
On capital expenditure this year, he indicated that it would be 2 billion
to 3 billion ringgit lesser than its earlier projection of 50 billion
ringgit. For the first half, its capital investment stood at 19.8 billion
ringgit, mainly attributed to the Pengerang Integrated Complex (PIC) in
Johor.
Wan Zulkiflee estimated the average year-end oil prices to stay below 73
U.S dollars per barrel, but conservatively projected it to fall to 66 U.S.
dollars next year due to uncertainty in global oil market.
BSS/XINHUA/HR/1330