PETALING JAYA: Petron Malaysia Refining & Marketing Bhd’s net profit for the first quarter ended March 31, 2019 fell 20.25% to RM57.52 million from RM72.12 million a year ago due to unrealised commodity loss this year.
Revenue for the quarter rose marginally to RM2.75 billion from RM2.73 billion a year ago due to the overall drop in product prices, despite total sales volume rising by nearly 6% to 9.1 million barrels.
“Dated Brent averaged US$63 per barrel during the quarter, 6% or US$4 lower over the same period in 2018. While prices averaged lower, Dated Brent rose from US$59 per barrel in January to US$66 per barrel in March.
“This was in contrast with the downward trend in prices during the same period last year. Despite the depressed regional refining margins, gross profit improved by 24% to RM143 million from higher sales volume,” it said in a filing with Bursa Malaysia today.
