PETROLIAM Nasional Bhd (Petronas) has posted a 24.2% jump in pre-tax profit to RM15.06bil for its fiscal half year ended Sept 30 from RM12.1bil in the previous corresponding period on 18% higher revenue of RM43.94bil versus RM37.35bil previously.
However, net profit grew only 8% to RM8.95bil from RM8.27bil a year ago.
The national oil company's earnings were boosted primarily by a recovery in Tapis crude prices, which rebounded from a low of US$25.50 per barrel in early May to US$33.10 per barrel in the middle of last month.
But the price of the benchmark crude has slipped back below US$30 per barrel lately, and was quoted at US$29.75 per barrel yesterday.
Petronas said refining and marketing activities remained its major income earner, accounting for RM17.48bil or nearly 40% of group revenue for the first half. Refined petroleum products alone generated RM16.26bil in revenue during the period.
Among the company's other divisions, processed gas and liquefied natural gas accounted for 22.3% of group revenue for the half year under review, and exploration and production activities, for 20.3%.
Petronas' latest income statement, posted on its website, also showed that about 45% of its revenue came from exports, 32% from international operations, and the remaining 22.5% from domestic activities.
As at Sept 30, its shareholders' funds had risen to RM87.6bil from RM78.3bil at the end of March.
The group's total debt stood at RM60.87bil at the end of September, up from RM49.9bil a year ago. Of the latest debt figure, nearly 75% were US dollar-denominated borrowing and 18.7% ringgit-denominated.
About 32% of the total debt will be due in five to 10 years, 25% in one to four years, and 23% in less than one year.
During the first half, Petronas' total oil and natural gas production remained stable at 1.37 million barrels oil equivalent per day (boepd).
Domestic production came to 1.09 million boepd, accounting for 66.4% of the country's total output, and international oil & gas production stood at 286,100 boepd.
According to Petronas, the country's total production of crude oil and gas had increased to 1.64 million boepd for the six months ended Sept 30 from 1.49 million boepd in the previous financial year.