KUALA LUMPUR (March 14): The national oil company Petroliam Nasional Bhd (Petronas) has clocked a net profit of RM9.42 billion in the fourth quarter ended Dec 31, 2016 (4QFY16), from a net loss of RM4.69 billion a year ago. According to Petronas, the net profit was due to lower net impairment of its assets, and lower net product and production cost, which were offset against lower net foreign exchange gain as the ringgit continued to decline against the US dollar. In 4QFY16, Petronas realised an average dated Brent crude oil of US$49.46 per barrel, higher than US$45.85 per barrel in 3QFY16 and US$43.69 per barrel in 4QFY15. For the full financial year ended Dec 31, 2016 (FY16), Petronas’ net profit jumped 28.8% to RM16.95 billion from RM13.16 billion a year ago thanks to lower operating expenditures and tax expenses. Annual revenue dropped by 17.3% to RM204.91 billion from RM247.66 billion, following the downward trend of key benchmark crude oil prices, together with the impact of lower sales volume.

Source: The Edge Markets March 14, 2017 11:03 UTC