Business News

Published: Thursday March 7, 2013 MYT 12:00:00 AM
Updated: Thursday April 18, 2013 MYT 1:21:21 AM

Petronas Dagangan posts lower Q4 earnings

PETALING JAYA: Petronas Dagangan Bhd reported lower net profit for the fourth quarter ended Dec 31, 2012, on lower margin as a result of a drop in fuel pricing.

The company’s fourth quarter net profit fell 20.4% to RM176.5mil from the RM221.8mil in the previous corresponding period. Earnings per share (EPS) stood at 17.8 sen, compared with 22.3 sen previously.

Petronas Dagangan attributed the decline in its earnings to lower gross profit arising from the drop in Mean Of Platts Singapore (MOPS) prices, which had resulted in a decrease in average margin.

Revenue, on the other hand, grew 3.6% to RM7.69bil, compared with RM7.42bil a year earlier. The company said this was attributable to higher sales volume.

Petronas Dagangan had declared a dividend of 17.50 sen per share, amounting to RM130.39mil, for the period under review. No dividend was declared a year ago.

In addition, the group had also proposed a special dividend of 35 sen per share less tax at 25%, amounting to RM260.8mil, which was comparable with the special dividend declared in 2011. This proposal would be tabled at the company’s next AGM, payable on a date to be announced later.

For the full year, Petronas Dagangan posted a net profit of RM836.84mil, which represented a decline of 5.2% from the RM882.99mil reported for 2011. EPS stood at 84.2 sen for 2012, compared with 88.9 sen in the preceding year.

The company said its decline in earnings was due to lower gross profit arising from drop in MOPS prices in the second and fourth quarters, coupled with increase in operating standards.

Group revenue for 2012 increased 3% to RM29.51bil in 2012, compared with RM28.65bil in 2011, as a result of increase in sales volume and increase in average selling prices.

It is to be noted that Petronas Dagangan had changed its financial year-end from March 31 to December 31, effective April 1, 2011. Prior year comparatives in this announcement relate to the 12 months ended Dec 31, 2011.

Tags / Keywords: News, Business, Business, Petronas Dagangan

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