NEWS
PETRONAS YIELDS STRONG MID-YEAR RESULTS
Source: | Author:pmo9e9256 | Published time: 2017-08-26 | 6102 Views | Share:

Kuala Lumpur, 25 August 2017 – PETRONAS today announced strong earnings for the first half of 2017, contributed by higher average realised prices, better margins and boosted by the on-going transformation initiatives to reduce cost and increase efficiency.

 
The Group’s revenue grew to RM108.1 billion, up 15 per cent from RM93.7 billion in the first half of 2016, benefitting from the upward trend of key benchmark prices and foreign exchange rate, but was partially offset by lower sales volume.

Profit after tax (PAT) rose more than a 100 per cent to RM17.3 billion from RM6.4 billion in the corresponding period last year, notably due to higher average realised prices as well as lower net impairment on assets and well costs. 

The increase however was partially offset by higher amortisation of oil and gas properties, tax expenses, net foreign exchange losses and costs related to the non-Final Investment Decision (FID) for the Pacific NorthWest LNG (PNW LNG) Project in Canada.