Malaysian state energy firm Petronas said yesterday it made a net profit of 11.4bn ringgit ($3.18bn) in the first quarter—more than 7bn ringgit lower than the same period last year—due to the slump in global oil prices.
In the first quarter of 2014, Petronas, the single largest revenue contributor to the Malaysian government, posted an 18.8bn ringgit profit.
Malaysia’s only Fortune 500 company said its revenue fell from 84bn ringgit in the first quarter of 2014 to 66.2bn ringgit in the first quarter of 2015.
In a statement, the company said the lower profit was due to lower revenue following the fall in the benchmark crude oil price.
However, it added that the downward trend was “partially offset by higher processed gas trading sales volume and higher LNG sales volume”.
Petronas’ performance in the first quarter of 2015 was an improvement on the final quarter of 2014 when it posted a net loss of 7.3bn ringgit.
It was Petronas’ first ever quarterly loss since it launched quarterly reports five years ago.

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