Petron 2Q profit flat but revenue up 30% YoY

by TMR

Petron Malaysia Refining & Marketing Bhd’s net profit of RM92.42 million for the second quarter ended June 30 this year (2Q18) as revenue rose 29.9% year-on-year (YoY) to RM3.13 billion due to higher oil prices and sales volume.
 
The company sold 9.1 million barrels in 2Q18  – up 7% from the 8.5 million barrels sold in 2Q17. For the first half of the year, the petrol product trader registered a 17.3% YoY  increase in revenue to RM5.83 billion but net profit was lower by 17.5% YoY at RM164.55 million.
 
Petron intends to continue to mitigate exposures to fluctuating oil prices via its risk management system. It will continue to expand its business through additional retail outlets in targeted growth areas while delivering innovative products and services.