KUALA LUMPUR (Feb 20): ESSO MALAYSIA BHD []’s earnings fell 71.5% to RM34.58 million in the fourth quarter ended Dec 31, 2011 from RM121.51 million a year ago.
It said on Monday its revenue was 16.5% higher at RM2.75 billion compared with RM2.359 billion a year ago. Earnings per share were 12.80 sen compared with 45 sen.
For the financial year ended Dec 31, 2011, it reported a 42.9% decline in earnings to RM153.35 million from RM268.58 million in FY10. Revenue, however, increased 33.6% to RM11.26 billion from RM8.42 billion.
“The lower profit for the fourth quarter and for the full year of 2011 compared to the same periods in 2010 was a result of lower operating margins as higher crude prices were not fully offset by the increase in product prices. The increased crude and product prices, however, generated inventory holding gains totaling RM108 million for the full year 2011,” Esso Malaysia said.
It said on Monday its revenue was 16.5% higher at RM2.75 billion compared with RM2.359 billion a year ago. Earnings per share were 12.80 sen compared with 45 sen.
For the financial year ended Dec 31, 2011, it reported a 42.9% decline in earnings to RM153.35 million from RM268.58 million in FY10. Revenue, however, increased 33.6% to RM11.26 billion from RM8.42 billion.
“The lower profit for the fourth quarter and for the full year of 2011 compared to the same periods in 2010 was a result of lower operating margins as higher crude prices were not fully offset by the increase in product prices. The increased crude and product prices, however, generated inventory holding gains totaling RM108 million for the full year 2011,” Esso Malaysia said.
