Malaysia’s Petronas reports weaker financial results for Q2
The company also reported that its profit after tax for the quarter declined by 16% to MYR533 million ($132.2 million) mainly due to assets write-offs amounting to RM241 million (US$59 million) stemming from the cancellation of its elastomers project.
In the January-June period, Petronas’ net profit declined to MYR1.05 billion ($260.6 million) from MYR1.16 billion a year earlier. The company’s revenue for the same period also dropped to MYR6.35 billion ($1.57 billion) from RM6.45 billion a year earlier.
The company expects lower crude oil costs and petrochemical product prices will continue to weigh down the company’s operations.
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