Petronas paints grim H1 2017 picture

Malaysia

KUALA LUMPUR, August 22, 2016 – Malaysia’s Petronas reported a 21% year-on-year drop in quarterly revenue on Monday, with the company’s net profit continuing on a downward trajectory.

Petronas’ net profit over Q2 2016 came out at some USD 400 million, down from around around USD 420 million in the first three months of the year and 85% less compared with the same period in 2015. The company recorded a quarterly revenue of USD 11.9 billion.

Commenting on the results, Petronas president and chief executive Wan Zulkiflee Wan Ariffin said the prospects for a market turnaround are slim in the near term. “We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” he said. “The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”

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