Petron posts RM25.5mil Q4 net loss, revenue up slightly

The award had stirred criticism, stemming from the connection of Petron to Prime Minister Tun Dr Mahathir Mohamad

PETALING JAYA: Petron Malaysia Refining & Marketing Bhd has posted a net loss of RM25.5mil in the fourth quarter ended Dec 31 against a net profit of RM99.56mil in the same quarter a year ago.

Petron told the stock exchange yesterday that the prices of finished products fell as crude price dropped towards the end of 2018. The sharp decline in prices resulted in inventory holding losses that eventually led to a gross loss of RM13mil during the fourth quarter. This is a reversal of the RM160mil gross profit reported for the same period in 2017.