PETALING JAYA: Petron Malaysia Refining & Marketing Bhd reported a 39.2% drop in net profit to RM56.22 million for the second quarter ended June 30, 2019 compared with RM92.42 million in the same period of the previous year due to price differentials between the finished products and crude remained narrow.
The group’s revenue slipped 3.3% to RM3.02 billion from RM3.13 billion previously.
For the first six months of the year, Petron’s net profit came in at RM113.74 million, a decline of 30.9% against RM164.55 million recorded in the same period a year ago. This was on the back of a 1.4% decrease in revenue to RM5.77 billion from RM5.85 billion.
According to Petron’s filing with the local bourse, it remains cautious as it sees more uncertainties in oil prices during the year amid re-escalation of the US-China trade war and ongoing geopolitical tensions.
The group said it remains committed to pursuing various strategic programmes to expand its retail network, upgrade its plant and facilities and enhance efficiency in its supply chain.
Petron is set to complete the new Diesel Hydrotreater in its Port Dickson Refinery to comply with the government’s requirement to supply Euro 5 diesel as well as a new import facility with two new product tanks in 2020.