This is nearly half of its net profit in the same period last year. FMTNews Petronas NetProfit
KUALA LUMPUR: Petroliam Nasional Bhd’s net profit nearly halved to RM7.42 billion in the third quarter ended Sept 30, 2019 from RM14.34 billion in the same period last year.
“However, this was partially offset by the effect of the weakening ringgit against the US dollar exchange rate,” the national oil company added. “The segment was driven by more conservative price outlook, and partially offset by lower tax expenses,” it said, adding that Ebitda slipped 7% to RM73.5 billion for the cumulative period ended Sept 30, 2019.
On outlook, the company expects the industry to remain challenging due to the slowing global economy, geopolitical tensions and ongoing global trade issues, resulting in demand disruption.
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