KUALA LUMPUR: ESSO MALAYSIA BHD []'s earnings surged 154% to RM154.82 million in the first quarter ended March 31, 2011 from RM60.94 million a year ago, boosted by inventory holding gains.
It reported on Monday, May 16 that revenue rose 30% to RM2.6 billion from RM2 billion reflecting higher average product prices and increased retail volume. Earnings per share were 57.30 sen compared with 22.60 sen.
'The improvement in current quarter's results was driven mainly by inventory holding gains caused by the significant increase in crude and product prices,' it said.
On the prospects, it said business conditions remain challenging in light of the uncertainty in the crude price environment.
'Recognising the potential earnings volatility, the company will continue to focus on sustaining flawless operations, cost control and product and service quality, while sustaining our competitive position,' it said.
It reported on Monday, May 16 that revenue rose 30% to RM2.6 billion from RM2 billion reflecting higher average product prices and increased retail volume. Earnings per share were 57.30 sen compared with 22.60 sen.
'The improvement in current quarter's results was driven mainly by inventory holding gains caused by the significant increase in crude and product prices,' it said.
On the prospects, it said business conditions remain challenging in light of the uncertainty in the crude price environment.
'Recognising the potential earnings volatility, the company will continue to focus on sustaining flawless operations, cost control and product and service quality, while sustaining our competitive position,' it said.
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