Third quarter profit of the Malaysian state-owned oil and gas company Petronas increased by 43 percent compared to the same period of 2017, the company said on Tuesday.
The profit of the company for July-September quarter rose to 14.3 billion ringgit ($3.41 billion) from 10.0 billion ringgit year-on-year primarily due to higher revenue, according to a statement from the company.
This was partially offset by higher product costs in tandem with higher prices, coupled with increased depreciation and amortisation, the company said.
Brent crude oil prices, the global benchmark, hovered around $58 on average during the third quarter of the year, which helped oil companies post stronger revenues.
“Petronas continues to record another strong quarterly performance, which has further strengthened our financial position. The improved results are driven by ongoing operational improvement efforts throughout the group and supported by improved oil prices during the period," said Tan Sri Wan Zulkiflee Wan Ariffin, President and Group CEO Petronas.
The revenue for the third quarter of 2018 jumped by 19 percent from the corresponding period in 2017, mainly driven by higher average prices for key products coupled with increased efficiency throughout the company, the statement said.
These were partially offset by the effect of the strengthening of the ringgit against the U.S. dollar exchange rate and lower sales volume mainly for LNG, the company explained.
"The company board expects that the Group's [Petronas] performance to show an improvement compared to the previous financial year. Even as the group contends with more volatile prices, continuous efforts will be pursued to deliver operational excellence," the statement read.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr
