KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd’s share price rose as much as 3.6% this morning despite reporting lower earnings in the third quarter ended Sept 30, 2018.
The refiner, one of the top gainers on Bursa Malaysia, gained 3.65%, or 26 sen to RM7.39.
Petron’s net profit fell 19.4% to RM85.54mil in the third quarter ended Sept 30, 2018 (3QFY18) from RM106.07mil a year ago, on lower refining margins.
This resulted in a lower earnings per share of 31.7 sen for 3QFY18 compared with 39.3 sen for 3QFY17.
Its quarterly revenue, however, rose 28.9% to RM3.3bil from RM2.56bil in 3QFY17 on higher oil prices and modest growth in sales volume.
Petron’s revenue for the first nine months of 2018 increased by 22% to RM9.15bil from RM7.53bil last year, driven by higher prices and sales volume growth.
Net income for the period ending Sept 30, 2018 amounted to RM250mil compared with RM306mil over the same period last year.
Earnings per share for the nine-month period amounted to 92.6 sen from 113.2 sen previously.