Moving forward, the company said it remained confident that through its prudent resources and risk management measures, business performance would improve along with the country’s economic recovery. — Picture by Firdaus Latif
Moving forward, the company said it remained confident that through its prudent resources and risk management measures, business performance would improve along with the country’s economic recovery. — Picture by Firdaus Latif

KUALA LUMPUR, Nov 19 — Petron Malaysia Refining and Marketing Bhd’s net profit jumped almost threefold to RM97.64 million in the third quarter ended September 30, 2020, from RM34.42 million in the same period last year.

This was despite revenue falling to RM1.68 billion from RM2.77 billion previously on the back of the ongoing Covid-19 pandemic that had capped prices and fuel demand.

“The company’s continued cost rationalisation measures saved 11 per cent or RM7.40 million on operating and administrative expenses (Opex) against last year,” it said in a filing with Bursa Malaysia today.

This, coupled with higher gross profit, resulted in the year-on-year surge in net income.

Moving forward, the company said it remained confident that through its prudent resources and risk management measures, business performance would improve along with the country’s economic recovery. — Bernama