KUALA LUMPUR, Aug 26 — Petron Malaysia Refining and Marketing Bhd (Petron) recorded a net loss of RM69.29 million in the second quarter ended June 30, 2020 (Q2 2020) from a net profit of RM56.21 million in the same period last year.
Revenue declined to RM1.02 billion against RM3.02 billion previously due to the combined impact of the slump in demand and prices during the quarter, it said in a filing with Bursa Malaysia today.
It said local fuel consumption gradually picked up in Q2 2020 as the government replaced the conditional movement control order (CMCO) with the recovery MCO in June.
“Total sales volume for Q2 2020 stood at six million barrels compared to 9.2 million barrels sold in the same period last year,” Petron said.
Brent crude hit its lowest monthly price in April 2020 at US$19 (RM79) per barrel, before recovering in May and June to average US$29 per barrel.
Moving forward, Petron said it would focus on business recovery while maintaining its long-term commitment towards business growth, operational efficiency and enhanced customer service experience. — Bernama
