Malaysian state energy company Petroliam Nasional Bhd said Monday its net profit fell 3.5% in the second quarter from the same period a year earlier, as increased operating expenses eroded margins despite higher sales volume.
Malaysian state energy company Petroliam Nasional Bhd said Monday its
net profit fell 3.5% in the second quarter from the same period a year earlier,
as increased operating expenses eroded margins despite higher sales volume.
Net profit for the three months ended June 30 was 12.51 billion ringgit ($3.80
billion) from MYR12.97 billion, the company said in a statement. Revenue rose
5.1% to MYR74.42 billion.
The company, also known as Petronas, is
Malaysia
's
only Fortune 500 company and most profitable enterprise. Petronas pays about
$10 billion in annual dividends to the government, making it the largest
contributor to state coffers.
Petronas' daily natural gas production in the second quarter was 1.3 million
barrels of oil equivalent, an increase of 12.6%. Its daily crude oil and
condensates production was 740,000 barrels of oil equivalent, an increase of
11.3% brought about by the temporary resumption of its
South
Sudan
operation in March after disruption that lasted more than a year.
In 2012, Petronas lost around 120,000 barrels of oil equivalent a day from
South
Sudan
due to that country's dispute between with neighboring
Sudan
over
transit fees, though production at its
Sudan
operation wasn't affected.
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