3 December 2020, Thursday | 04:05pm

Petron Malaysia rises as much as 11% on improved earnings

2020-11-20

KUALA LUMPUR (Nov 20): Petron Malaysia Refining and Marketing Bhd’s share price rose as much as 38 sen or 10.98% to RM3.84 after it announced that its net profit for the third quarter ended Sept 30, 2020 (3QFY20) almost tripled to RM97.64 million.

At 10.18am, the counter pared some gains at RM3.76, still up 30 sen or 8.67%, making it the fifth top gainer this morning.

The counter saw 398,700 shares changed hands.

Petron Malaysia announced yesterday that its net profit for 3QFY20 soared 183.64% to RM97.64 million, from RM34.42 million a year ago, underpinned by its cost rationalisation measures and higher gross profit.

Its revenue for 3QFY20, however, fell 39.24% to RM1.68 billion from RM2.77 billion, as the ongoing pandemic capped both fuel prices and demand this year.

For the nine months ended Sept 30, the group slipped into a net loss of RM55.33 million from a net profit of RM148.16 million. Its revenue dropped by 42.07% to RM4.95 billion, from RM8.54 billion.

Despite the continuing threats of the ongoing pandemic to the oil industry and the Malaysian economy, the company remains confident that through its prudent resources and risk management measures, business performance will improve along with the country’s economic recovery.

Source: The Edge Markets

 

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