PetDag 1Q net profit dips 38% to RM118mil

KUALA LUMPUR: Petronas Dagangan Bhd’s (PetDag) net profit tumbled 38% to RM118.5mil in the first quarter ended March 31 against RM191.11mil a year earlier on higher operating expenditure.

Its revenue for the quarter jumped 24% to RM7.62bil from RM5.14bil previously, following higher sales volume by 20% and increased average selling prices by 24%.