KUALA LUMPUR, Nov 15 — Petron Malaysia Refining and Marketing Bhd’s net profit fell to RM85.54 million in the third quarter ended Sept 30, 2018, from RM106.07 million registered in the same period last year.
Revenue, however, rose by 29 per cent to RM3.3 billion against RM2.56 billion previously, largely due to higher oil prices and the modest growth in sales volume.
“The total sales volume for the quarter reached 9.1 million barrels, relatively flat compared with the 9.0 million barrels in the same period last year, as demand from commercial sector slowed down this year,” the company said in a filing with Bursa Malaysia today.
Petron expects price volatility to continue due to factors such as geopolitical tensions and trade wars which may affect oil supply and demand.
Moving forward, the company said it would maintain its service station network expansion programme to cater to its growing customer base and upgrade its refinery and distribution facilities to support the increasing requirements. — Bernama
