The Sun (Malaysia)

Petronas Dagangan’s third quarter earnings rise 36.5%


PETALING JAYA: Petronas Dagangan Bhd saw its net profit increase 36.46% to RM218.88 million for the third quarter ended Sept 30, 2015 against RM160.4 million in the previous correspond­ing period, mainly supported by higher margin from the retail and commercial segments.

Revenue for the quarter under review went down 20.63% from RM8.23 billion to RM6.53 billion due to a drop in average selling price and volume.

The company has proposed to declare an interim dividend of 14 sen per share.

In a filing with the stock exchange, Petronas Dagangan said the higher profit was also contribute­d by lower operating expenditur­e as well as higher other income, which was due to an accounting reclassifi­cation arising from the Goods and Services Tax implementa­tion.

The board of directors believe the economic and business environmen­t will continue to be challengin­g for the remainder of 2015.

“The group will continue to implement measures such as inventory management strategy and operating expenditur­e management as part of cost reduction efforts, as well as pursuing ongoing efforts and initiative­s to ensure the company remains resilient in the face of a more competitiv­e environmen­t,” it said.

Nine-month net earnings soared 39.26% from RM501.13 million to RM697.86 million on the back of a 23.16% drop in revenue from RM24.89 billion to RM19.12 billion.

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