Arab Times

Petronas profit continues to fall


Malaysian state energy firm Petronas said Wednesday its third-quarter earnings plummeted 91 percent as weak global oil prices continued to weigh on the company.

Net profit at Malaysia’s only Fortune 500 company for the July-September quarter fell to 1.4 billion ringgit ($320 million).

“Petronas anticipate­s continued challenges due to the bearish market sentiments, and will continue to focus on internal measures of control to steer the company through the downturn,” it said in a statement.

Earnings for the company have taken a pounding over the past year as global oil prices have tumbled.

It posted a $2.02 billion loss in the fourth quarter of 2014 — its first loss since launching quarterly earnings reports five years before — and net profit was sharply lower in the first two quarters of this year. (AFP)

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