KUALA LUMPUR (March 5): Petroliam Nasional Bhd posted net profit of RM13.542 billion for the third quarter ended Dec 31, 2011, down 36% from RM21.205 a year ago where there was a one-time gain from the sale of share in two units.
It said on Monday, its financial performance benefited from higher crude prices and improved sales volumes of most products.
It had proposed a tax exempt final dividend amounting to RM28.0 billion for the financial period ended Dec 31, 2011.
Commenting on the prices, it said the higher crude prices were driven by supply concerns arising from the geo-political crises in the Middle East and North Africa region. As a result, benchmark crude prices spiraled upwards with Dated Brent increasing by 26.4% and Tapis OSP by 33.2% on a year-on-year comparison.
Group revenue improved by RM18.0 billion or 29.9% to RM77.997 billion from RM60.041 billion due to higher realised prices of crude oil and condensates and other energy commodities.
“Profit and EBITDA (earnings before interest, tax, depreciation and amortization) decreased by RM8.2 billion and RM3.3 billion respectively as compared to the same quarter last year which were primarily contributed by the gain of RM9.3 billion from the initial public offerings of Petronas Chemicals Group Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd recorded last year,” it said.
Petronas said that excluding the IPO gain, profit and EBITDA increased by RM1.1 billion and RM6.0 billion respectively due to improved margins.
It said on Monday, its financial performance benefited from higher crude prices and improved sales volumes of most products.
It had proposed a tax exempt final dividend amounting to RM28.0 billion for the financial period ended Dec 31, 2011.
Commenting on the prices, it said the higher crude prices were driven by supply concerns arising from the geo-political crises in the Middle East and North Africa region. As a result, benchmark crude prices spiraled upwards with Dated Brent increasing by 26.4% and Tapis OSP by 33.2% on a year-on-year comparison.
Group revenue improved by RM18.0 billion or 29.9% to RM77.997 billion from RM60.041 billion due to higher realised prices of crude oil and condensates and other energy commodities.
“Profit and EBITDA (earnings before interest, tax, depreciation and amortization) decreased by RM8.2 billion and RM3.3 billion respectively as compared to the same quarter last year which were primarily contributed by the gain of RM9.3 billion from the initial public offerings of Petronas Chemicals Group Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd recorded last year,” it said.
Petronas said that excluding the IPO gain, profit and EBITDA increased by RM1.1 billion and RM6.0 billion respectively due to improved margins.
