Petronas reduces net loss to RM3.37 billion

by NUR HANANI AZMAN/ pic by TMR GRAPHIC

Petroliam Nasional Bhd’s (Petronas) has reduced its net loss to RM3.37 billion in the third quarter this year (3Q20) than RM21.04 billion net loss in the previous quarter.

The state oil firm’s revenue for the current quarter stood at RM41.1 billion, lower by 25% from RM55.1 billion in the corresponding quarter last year, mainly due to lower average realised prices for major products.

Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM14.0 billion, a decrease of 26% from RM18.8 billion in the corresponding quarter last year, in line with lower revenue partially offset by lower costs.

“Excluding impairment loss, the Group would record a PAT of RM2.6 billion,” it said in a statement.

Petronas president and group CEO Tengku Muhammad Taufik Tengku Aziz, said the firm is adopting a cautious outlook and anticipates that the remainder of 2020 will be challenging. 

“Having persevered through nine grueling months, PETRONAS has recorded slight improvements in Q3 compared to the previous quarter resulting from sporadic easing of lockdowns which has led to gradual resumptions of economic activities worldwide.

“We expect our performance to be continuously affected by the volatility of oil prices aggravated by the ongoing Covid-19 pandemic,” he said in a statement today.