Hengyuan cau­tiously op­ti­mistic on out­look

New Straits Times - - Business -

KUALA LUMPUR: Hengyuan Re­fin­ing Co Bhd (HRC), which has posted strong first-quar­ter re­sults, is cau­tiously op­ti­mistic about its out­look amid a chal­leng­ing global oil and gas sec­tor.

In its fil­ing with Bursa Malaysia, HRC, for­merly known as Shell Re­fin­ing Co (Fed­er­a­tion of Malaya) Bhd, said its first-quar­ter profit for the pe­riod ended March 31 soared 2.8 times to RM279.49 mil­lion from RM101.65 mil­lion. First-quar­ter rev­enue jumped 1.5 times to RM2.93 bil­lion from RM1.87 bil­lion posted a year ago.

“Go­ing for­ward, we’ll con­tinue to man­age our risks and pro­tect our com­pany,” said HRC man­ag­ing di­rec­tor and ex­ec­u­tive di­rec­tor Maarten Stals.

“Gen­er­ally, the trend in Asia is such that profit mar­gins are un­pre­dictable. We see con­tin­ued signs of over­sup­ply. The Opec (Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries) has called for a meet­ing to fur­ther cur­tail sup­plies,” he said af­ter HRC’s share­hold­ers meet­ing, here, yes­ter­day.

“We have, since the be­gin­ning of this year, re­fi­nanced our loan in US dol­lars to re­duce our for­eign ex­change risks,” said Stals.

HRC chief fi­nan­cial of­fi­cer Foo Ai Li said the com­pany’s loans were par­tially de­nom­i­nated in

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