Malaysia's Petronas Profit Down 11 Percent in 1st Quarter
The firm said in a statement that its profit after tax dropped 10.5 percent year on year to 21.3 billion ringgits (4.52 billion U.S. dollars) in the first quarter. Its revenue for the quarter, however, grew 0.45 percent year on year to 89.7 billion ringgits.
According to the firm, the oil and gas market in the first quarter continued to be affected by uncertainties in macroeconomic and geopolitical situations amid the energy transition that leads to a prolonged volatile pricing landscape.
It said the firm will remain committed to ensuring energy security for its customers within and outside Malaysia through strategic cost management, a sustained robust portfolio and prudent liquidity management.
In line with its energy transition strategy, the firm said it is progressing at pace to strengthen its core business by continuing the efforts towards completion of the Kasawari gas field development in Malaysia and the liquefied natural gas (LNG) plant in Canada by the end of the year.
In addition, the firm is scaling up its new business with the commissioning of the inaugural interstate transmission system-connected solar project in India.
4155/v
