KUALA LUMPUR (XINHUA) – Malaysian state-owned oil and gas firm Petronas has reported lower earnings in the first quarter of this year amid prolonged volatility in the pricing landscape.
The firm said in a statement on Friday that its profit after tax dropped 10.5 per cent year-on year to MYR21.3 billion (USD4.52 billion) in the first quarter. Its revenue for the quarter, however, grew 0.45 per cent year-on-year to MYR89.7 billion.
According to the firm, the oil and gas market in the first quarter continued to be affected by uncertainties in macroeconomic and geopolitical situations amid the energy transition that leads to a prolonged volatile pricing landscape.
It said the firm will remain committed to ensuring energy security for its customers within and outside Malaysia through strategic cost management, a sustained portfolio and prudent liquidity management.
In line with its energy transition strategy, the firm said it is progressing at pace to strengthen its core business, continuing the efforts towards completion of the Kasawari gas field development in Malaysia and the liquefied natural gas (LNG) plant in Canada by year-end.
