KUALA LUMPUR, Nov 21 — Petron Malaysia Refining & Marketing Bhd’s net profit for the third quarter ended Sept 30, 2019 decreased to RM34.42 million from RM85.53 million recorded in the same quarter last year.
Revenue eased to RM2.77 billion from RM3.3 billion previously, the group said in a filing to Bursa Malaysia today.
It said the lower profit was due to the decline in export sales from reduced production at its refinery which had to undergo scheduled maintenance. However, domestic sales slightly grew year-on-year.
Notwithstanding the challenging market environment, the oil and gas player will continue with ongoing strategic programmes and initiatives to solidify its market position, expand business and provide better value to Malaysian consumers.
“Delivering world-class quality products and personalised services to our customers as well as tapping into new markets and underserved locations remain our top priority,” it said in a separate filing.
On prospects, the company remains committed and on track in pursuing its various strategic programmes to expand its retail network, upgrade its plant and facilities and enhance efficiency in its supply chain to support growing sales volume besides providing innovative products and better quality services to its customers. — Bernama
