KUALA LUMPUR, Aug 22 — Petron Malaysia Refining & Marketing Bhd (PMRMB) net profit declined to RM56.21 million in the second quarter ended June 30, 2019 (Q2 2019) from RM92.42 million in Q2 2018 due to lower gross profit and unrealised commodity loss.
Revenue slipped to RM3.02 billion from RM3.13 billion previously due to lower oil prices, it said in a filing with Bursa Malaysia today.
“While Dated Brent crude has recovered from the sharp decline in prices during the last two months of 2018, global oil prices remained volatile during the quarter with Dated Brent averaging US$69 (RM288) per barrel — 7 per cent lower than the same quarter last year.
“The price differentials between finished products and crude remained narrow, resulting in a lower gross profit of RM134 million — 15 per cent lower than RM158 million last year,” it said.
During the quarter under review, PMRMB’s sales volume reached 9.2 million barrels, slightly higher than Q2 2018 as domestic sales grew four per cent due to improvements in the retail and commercial sectors.
In a separate statement, PMRMB chairman Ramon S. Ang said the better sales was supported by its aggressive network expansion, reflecting the higher demand for its premium products, Petron Blaze 95 and Turbo Diesel Euro 5.
The Petron Miles Card programme and collaborations with leading brands such as Marvel Studios also contributed to the increase, he said.
“Despite thinning refining margins in the region, we still delivered modest results owing to the continued growth in sales.
“We remain committed to pursuing strategic programs aimed at strengthening our brand, increasing our presence and providing excellent products and services to our customers,” he added. — Bernama
