Malaysia's Petronas posts higher net profit in Q3

According to a press release on the company’s website, Malaysian Petronas has recorded higher financial results for the third quarter of 2017. The company’s net profit jumped 64% RM10 billion ($2.43 billion) from RM6.1 billion in the same period of last year. The increase was mostly attributed to higher revenues and lower costs.

The company’s revenues grew by 14% to RM53.70 billion ($13 billion) from RM47.01 billion in the same quarter last year, on the back of higher prices and improved foreign exchange rates while its EBITDA increased to RM21.5 billion ($5 billion) from RM15.2 billion in the corresponding quarter last year.

Petronas stated that they were expecting the company’s overall year-end performance to be better this year, citing the improved energy complex.

Meanwhile, the company is pushing ahead with its RAPID project to start operations in 2019.