Highlight Petronas 2Q PAT up 38% on year to RM21.1b, revenue higher at RM85.4b

by **Cals** Thu 14 Aug 2014, 01:25

Highlight Petronas 2Q PAT up 38% on year to RM21.1b, revenue higher at RM85.4b

Business & Markets 2014

Written by Shalini Kumar of theedgemalaysia.com

Wednesday, 13 August 2014 18:00

KUALA LUMPUR (Aug 13): Petroliam Nasional Bhd's (Petronas) profit after tax (PAT) increased 38% to RM21.1 billion in the second quarter ended June 30, 2014 from RM15.3 billion in the previous corresponding quarter.

Revenue was up 15% at RM85.4 billion from RM74.4 billion, Malaysia's national oil company reported today.

Speaking at a press conference here, Petronas Executive Vice President and Group CFO, Datuk George Ratilal said the increase in revenue was mainly due to higher oil and gas production volume as liquified natural gas sales volume rose.

Favourable US dollar exchange rate movement against the ringgit had also supported Petronas' income growth, Ratilal said.

For the six-month (1HFY14) period, Petronas' PAT increased 12% to RM39.8 billion from RM35.6 billion a year earlier. Revenue for the period rose 12% to RM169.4 billion from RM151.1 billion.

"This (PAT growth) was due to higher revenue recorded during the period," he said

During 1HFY14, Petronas' capital investments came to RM30.7 billion while crude oil, condensate and natural gas production reached 2.23 million barrels of oil equivalent (boe) per day from 2.12 boe previously.

"This is mainly due to production enhancement efforts and new production streams from Malaysia and Iraq, production resumption in South Sudan, and additional production in Canada," said Ratilal.

On Petronas'outlook over the next six months, Group President and CEO Tan Sri Shamsul Azhar Abbas said things were not looking easy.

"Oil prices are falling, probably to about US$100 (RM319) per barrel by the end of the year. Costs are creeping downwards, but I will be happy if we achieve a full-year profit before tax of RM94.6 billion," Shamsul said.