Petronas posts RM3.4bil net loss in Q3

KUALA LUMPUR (Bernama) -- Petronas posts net loss of RM3.4 billion for the third quarter (Q3) ended Sept 30, 2020 as compared to net profit of RM7.4 billion in the same quarter last year, due to lower earnings before interest, taxes, depreciation, and amortisation (EBITDA).

Higher impairment loss on assets and higher tax expenses attributed to derecognition of deferred tax assets, primarily as a result of lower oil and gas prices outlook also affected its financial performance.