Thursday, December 1, 2011

Petronas 2Q net profit up 54% to RM18.35b from RM11.88b yr ago

KUALA LUMPUR (Dec 1): Petroliam Nasional Bhd posted net profit of RM18.35 billion for the second quarter ended Sept 30, 2011, up 54.4% from the RM11.88 billion a year ago underpinned by improved margins.

It said on Thursday its revenue was RM71.83 billion, up 26% from the RM56.99 billion a year ago on the back of higher realized prices of crude oil and condensates and other energy commodities particulary petroleum products and liquefied natural gas (LNG).

Its operating profit was RM27.11 billion, an increase of 47% from RM18.44 billion a year ago.

For the first half, its net profit increased by 50.8% to RM40 billion from RM26.51 billion in the previous corresponding period. Its revenue rose 25.3% to RM144.80 billion from RM115.54 billion on the back of higher realized prices of petroleum products, crude oil and condensates, LNG and petroleum products.

Petronas said its total assets increased from RM439 billion as at March 31, 2011 to RM472 billion following the profit generated during the quarter, net of dividend distributed to shareholders.

'Total debt to total asset ratio remains at 0.11 times,' it said.

During the period ended Sept 30, 2011, it paid a third interim dividend of RM6 billion for the financial year ended March 21, 2011. It also paid a tax exempt final dividend of RM22 billion between June and November 2011.

It also declared and paid a first tax interim dividends of RM2 billion for the financial period ending Dec 31, 2011.

According to notes to its accounts, in the second quarter ended Sept 30, its revenue of RM91.348 billion comprised of exploration and production (RM28.84 billion), gas and power (RM19.50 billion), downstream (RM39.32 billion) and corporate and others RM4.68 billion.

Petronas also said second quarter total production was 2,033 thousand barrels of oil equivalents (boe) per day compared to 2,116 thousand boe per day a year afo.

'Crude oil and condensates production decreased by 7.0% mainly caused by higher realised prices for crude oil and condensates, offset by the impact of the strengthening of the ringgit,' it said.


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