[ad_1]
PETALING JAYA: Petron Malaysia Refining & Marketing Bhd saw its net profit decline 19.4% to RM85.54 million for the third quarter ended September 30, 2018 compared with RM106.07 million in the previous corresponding period, due to lower refining margin.
Its revenue, however, increased 28.9% to RM3.3 billion from RM2.56 billion.
Petron told Bursa Malaysia that its gross margin for the quarter shrank 15% to RM186 million from RM218 million as a result of lower refining margin.
Sales volumes, meanwhile, increased over 100,000 barrels to 9.1 million barrels despite decreased demand from the commercial sector.
Benchmark Brent crude averaged US$75/barrel during the quarter, 44% higher than US$52/barrel average in the same quarter last year.
“We remain optimistic that we will end the year on a high note. We are on track with our strategic programs aimed at reaching more customers while giving them a better experience. We continue our retail and logistical expansion while upgrading efficiencies throughout our supply chain,” said Petron chairman Ramon S. Ang.
Its nine-month net profit fell 18.2% to RM250.09 million from RM305.61 million on the back of a 21.5% rise in revenue to RM9.15 billion from RM7.53 billion.
[ad_2]
Source link
