BUSINESS Malaysia's Petronas H1 profit rises 54 pct to 6.45 bln USD

BUSINESS

Malaysia's Petronas H1 profit rises 54 pct to 6.45 bln USD

Xinhua

23:16, August 30, 2018

KUALA LUMPUR, Aug. 30 (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), supported by higher revenue, lower net impairment on assets, well costs and other expenses.

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Photo: VCG

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 per barrel, but conservatively projected it to fall to $66 next year due to uncertainty in global oil market.

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