Petronas Da­gan­gan Q3 net profit up 13.7%

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Petronas Da­gan­gan Bhd’s (PDB) net profit in the third quar­ter ended Sept 30, 2016 (Q3FY16) rose 13.7% to RM248.76 mil­lion, from RM218.88 mil­lion in the pre­vi­ous cor­re­spond­ing quar­ter.

Rev­enue re­duced 14.9% to RM5.5 bil­lion, com­pared with RM6.5 bil­lion a year ago, mainly as a re­sult of a de­crease in av­er­age sell­ing price, cou­pled with lower sales vol­ume.

In a fil­ing with Bursa Malaysia yes­ter­day, PDB said the de­crease in av­er­age sell­ing price was due to the de­crease in Mean of Platts Sin­ga­pore (MOPS) prices.

How­ever, PDB said the group’s op­er­at­ing profit for the quar­ter had in­creased RM26.9 mil­lion to RM329.6 mil­lion, com­pared with the cor­re­spond­ing quar­ter last year, mainly at­trib­ut­able to its re­tail seg­ment.

PDB said de­spite a lower vol­ume recorded for its com­mer­cial seg­ment, op­er­at­ing profit in­creased by RM14.6 mil­lion, mainly due to higher mar­gins from avi­a­tion and fuel oil, as well as higher other in­come.

On prospects, PDB said its di­rec­tors ex­pect the eco­nomic and busi­ness en­vi­ron­ment out­look for FY16 to re­main chal­leng­ing.

“Oil price (dated Brent) in­crease slightly quar­ter-on-quar­ter from US$45.6/bbl (Q2FY16) to US$45.9/bbl (Q3FY16). The over­sup­ply sit­u­a­tion in the global mar­ket is ex­pected to re­main, at least through the first half of 2017 re­sult­ing in con­tin­ued price volatil­ity,” it noted.

The group said it will con­tinue to fo­cus on in­ven­tory man­age­ment, sup­ply and dis­tri­bu­tion ef­fi­ciency as well as op­er­at­ing ex­pen­di­ture op­ti­mi­sa­tion to en­sure it re­mains re­silient in the face of a chal­leng­ing en­vi­ron­ment.

For the nine months, PDB’s net profit fell 2.1% to RM683.12 mil­lion, from RM697.86 mil­lion in the same pe­riod last year, while rev­enue de­creased 17.13% to RM15.78 bil­lion, against RM19.04 bil­lion pre­vi­ously.

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