KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) net profit surged to RM10 billion in the third quarter ended September 30 2017, fron RM6.1 billion a year ago. This was due to improved performances of its upstream and downstream businesses and supported by recovering commodity prices, stronger margins as well as its on-going group-wide transformation initiatives. Petronas said the stronger profit was partially offset by higher tax expenses, product costs and amortisation of oil and gas assets. Cumulative net profit was RM27.3 billion compared to RM12.5 billion in the same period last year, primarily due to lower net impairment on assets and well costs. “We intend to enhance our efforts to take advantage of the current recovery in oil prices for Petronas to close the year strongly,” he said.

Source: New Strait Times November 23, 2017 03:56 UTC