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

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