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    Petronas Reports 47% Drop in Quarterly Profit

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Summary

Malaysian energy major on Friday reported a 47 percent drop in second quarter profits due to sustained low energy prices.

by: Shardul

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Asia/Oceania

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Petronas Reports 47% Drop in Quarterly Profit

Malaysian energy major Petronas on Friday reported a 47 percent drop in second quarter profit due to sustained low energy prices.

Profit after tax for the three months ending June 30 fell to 11.1 billion ringgit ($272.2 million), compared to 21.06 billion ringgit in the same period last year.

Revenue for the quarter was reported at 61.30 billion ringgit, down 28 percent.

"Petronas is bracing itself for more challenges ahead as low oil prices persist," Wan Zulkiflee Wan Ariffin, Petronas president and CEO, said in a statement, AFP reported.

He does not foresee a reprieve from the low oil prices in the near future, Wan Zulkiflee said.

"This means that we will have to persevere with more austerity measures," AFP quoted Wan Zulkiflee as saying.

 

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