KUALA LUMPUR, Aug 30 — Petroliam Nasional Bhd’s (Petronas) net profit fell 29 per cent to RM16.4 billion in the second quarter ended June 30, 2023 from RM23 billion in the...
KUALA LUMPUR, Aug 30 — Petroliam Nasional Bhd’s net profit fell 29 per cent to RM16.4 billion in the second quarter ended June 30, 2023 from RM23 billion in the previous corresponding period as lower oil prices weighed on the national oil company’s bottom line.
For the first six months of the year, Petronas’ net profit decreased 13 per cent to RM40.2 billion, mainly attributable to lower average realised prices.Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik Aziz said the group has resolutely progressed in its initiatives to sustain business performance despite contending with a volatile price environment in the first half of the year.
“Looking ahead, we expect to face increasingly difficult headwinds, including a bearish energy market for the rest of the year on the back of slowing global economic activity.
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