Esso Malaysia posts net loss RM37.86m in 3Q

KUALA LUMPUR (Nov 23): ESSO MALAYSIA BHD [] posted net loss RM37.86 million in the third quarter ended Sept 30, 2011 compared to net profit RM15.35 million a year earlier, due mainly to lower operating margin and forex loss partially offset by higher sales volume.

The company said its revenue for the quarter rose 57.1% to RM2.85 billion from RM1.81 billion in 2010.

Loss per share was 14 sen compared to earnings per share of 5.7 sen in 2010, while net assets per share was RM3.14.

Esso’s net profit for the nine months ended Sept 30 fell 19.23% to RM118.78 million from RM147.06 million in 2010, despite revenue for the period rising to RM8.52 billion from RM6.07 billion.

Reviewing its performance, Esso said the increase in revenues in 3Q was driven by higher average product prices and higher sales volume.

On its prospects, Esso said the outlook for the industry remains challenging given the expected slowdown in global economic growth and the continued crude and product prices volatility.

“In this environment our strategy remains focused on flawless operations, cost control and product and service quality, while sustaining our competitive position,” it said.