Petronas posts Q1 results
KUALA LUMPUR, May 18, 2016 – Malaysian major Petronas has seen its pre-tax profit dwindle to USD 1.68 billion over the first quarter of 2016, down 60% year-on-year. Announced on Wednesday, the company’s quarterly results also revealed a drop in revenues.
Petronas’ Q1 results are a marked contraction compared with the same period last year, when it booked pre-tax profits of USD 4.2 billion. The company’s revenue showed a similar trend. Over the first three months of 2016, Petronas reported USD 12.1 billion in revenue, down 26% from last year’s USD 16.3 billion over the same period.
The company’s net profit and impairments results came out at USD 1.14 billion for the quarter, down from USD 2.81 billion in the first three months of 2015.
“Concerns over moderate demand outlook and persistent oversupply will continue to pressure crude oil prices […] Petronas expects performance to be also affected by the volatility in oil prices and foreign exchange rate,” the company said in a statement.