Petronas posts RM9.3bil net profit in Q1

KUALA LUMPUR: The national company said its pre-tax profit almost doubled to RM14.6bil in the first quarter ended March 31 on higher oil and gas prices, as well as lower costs.

Revenue declined to RM52.5bil compared with RM59.6bil made in the same three-month period a year ago.

Profit after tax was RM9.3bil.

Petronas said the higher profit was in line with lower overall group costs incurred, while the lower revenue continued to be attributable to the lower sales volume of petroleum products, liquefied natural gas (LNG) and natural gas, coupled with the effect of the stronger ringgit against the US dollar exchange rate.

"Oil and gas industry demand is expected to improve following the global vaccine roll-out programme but recovery prospects remain uncertain due to risk of Covid-19 resurgence," Petronas said.