Petron returns to the black in 2Q with RM42mil net profit


KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd has returned to the black in the second quarter ended June 30, 2021 (Q2 2021) after recording a net profit of RM42.01 million against a net loss of RM69.28 million a year ago thanks to higher sales volume and oil price recovery.

Revenue rose to RM2.03 billion during the quarter under review from RM1.02 billion previously, the company said in a filing with Bursa Malaysia today.

Petron said sales volume ended higher at 6.3 million barrels in Q2 2021 compared with 6.0 million barrels in the same period last year as more essential economic sectors have been allowed to operate this year.

As for the oil price, the benchmark Dated Brent crude oil averaging at US$69 (US$1=RM4.19) per barrel during the quarter, up 13 per cent compared with the preceding quarter’s average of US$61 per barrel, it said.

On prospects, Petron said with the encouraging financial performance during the first half of the year, the company is committed to continue its recovery programme, cost rationalisation initiatives and prudent resource and risk management measures to remain resilient and competitive in navigating the challenging business environment. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Petron , Brent , oil price

   

Next In Business News

Oil steadies, paring gains as rising COVID cases spur demand worries
Omicron-fuelled volatility deals hedge funds worst monthly return since March 2020
US-listed Chinese shares take a hit as Didi to exit NYSE
Didi shares plunge more than 20% on plan to delist from NYSE
Wall St ends lower on Omicron worries, Fed taper angst
Micro impact of new variant?
Mixed views on FGV despite Q3 comeback
EG Industries prepares for increased higher-margin orders
Malaysia’s e-commerce gaining momentum
Phillip Futures to offer stockbroking services

Others Also Read


Vouchers