Petronas Q2 earnings down 29.8pct to RM15.22b

10-Sep-2012 Intellasia | thestar | 7:01 AM

Petroliam Nasional Bhd’s (Petronas) earnings fell 29.8 percent to RM15.22bil in the second quarter ended June 30, 2012 from RM21.71bil a year ago and it is expecting lower performance for the current year.

It said on Friday revenue fell at a slower pace of 3 percent to RM70.69bil from RM72.94bil a year ago.

For the first half, its earnings rose 4.3 percent to RM35.96bil from RM34.47bil in the previous corresponding period. Revenue was higher at RM145.87bil, an increase of 5.2 percent from RM138.54bil.

The national oil corporation said slowing global economic growth and geopolitical uncertainties continue to heighten risks for the oil and gas business.

“Amidst these challenges and the continued high cost environment, the board expects current year prospects of Petronas Group to be lower than performance for last year,” it said.

Its president and CEO Tan Sri Shamsul Azhar Abbas said that the outlook moving forward remained “challenging” on the back of the renewed economic crisis in the Europe and possibly the US.

“We are now in the third quarter (FY), it is going to be worse off. Why? It is very simple, lower profits will be due to (issues) in Sudan.

“Now in the South (Sudan) we are seeing zero production. It is reflected in Q2 and the worse is going to happen in Q3 and Q4,” he said at a media conference.

Petronas, had during the period ended June 30, 2012 paid a dividend of RM11bil, being the first of third payments of the approved tax exempt final dividend and dividends amounted to RM28bil in respect of the financial period ended December 31, 2011.

“The remaining amount of the tax exempt final dividend amounting to RM17bil will be paid in installments between July and November 2012,” it said.

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