30-11-2023 (KUALA LUMPUR) Malaysia’s state-owned energy company, Petroliam Nasional Berhad (Petronas), has announced a decline in profits for the third quarter ending on September 30, in tandem with the decrease in energy prices.
In a statement released on Wednesday, the company revealed that its profit after tax for the quarter experienced a year-on-year decrease of 22.4 percent, amounting to 23.9 billion ringgit (approximately 5.14 billion U.S. dollars).
The reported revenue for the same quarter also witnessed a decline of 16.18 percent year on year, reaching 82.9 billion ringgit. This downturn was attributed primarily to lower average realized prices, although it was partially mitigated by a favorable foreign exchange impact.
Petronas stated that the dip in financial performance was a consequence of the ongoing trend of diminishing energy prices, which was somewhat counteracted by an increase in sales volume for major products.
