Petronas profit sinks 96 per cent

Petroliam Nasional Bhd., Malaysia’s state oil company, said profit dropped 96 per cent last quarter after it was hit by oil prices that remained sharply lower than a year earlier. Net income fell to 348 million ringgit (US$86 million) in the three months through June, from 9.1 billion ringgit a year ago, Petronas said Monday. Revenue slid 21 per cent to 48.4 billion ringgit.