Tuesday, November 30, 2010

#Flash* Petronas targets RM80b pre-tax profit in FY2011

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) hopes to achieve pretax profit of RM80 billion in FY2011 from the RM67 billion posted in FY2010.

CEO Datuk Shamsul Azhar Abbas said this target was based on the assumption that the current economic environment prevailed.

Speaking to the media at the group's quarterly results briefing on Tuesday, Nov 30, he said: "We are cautious, but if the same economic environment prevails, I reckon we can beat last year's results.'

"Our third quarter performance is looking extremely good so far, especially based on current oil prices. However, we think comfortable levels for oil prices should be between US$70 to US$75 per barrel, based on fundamentals."

Petronas posted a net profit of RM11.89 billion on the back of RM56.99 billion in revenue for the second quarter ended Sept 30, 2010.

This was a dip of 0.8% in net profit from RM11.98 billion a year ago but a 10.3% increase in revenue from RM51.74 billion. It declared dividends totaling RM30 billion to be paid to the government.

Shamsul said the dip in net profit was due to a rise in income taxes, while revenue had risen boosted by higher oil prices amid an improving economic environment.

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