Esso Malaysia posts net loss of US$68 million

Esso Malaysia Bhd recorded an after tax loss of 251.33 million ringgit (US$68.61 million) in 2008, following a sharp drop in crude oil and product prices in the second half of the year. For the fourth quarter, Esso booked a net loss of 327.46 million ringgit (US$89.39 million) due to stockholding losses following the drop in crude oil and product prices. In the previous corresponding quarter, it registered a net profit of 13.94 million ringgit (US$3.81 million). Esso said margins in 2008 had improved over 2007, if the effects of the steep decline in crude oil and product prices are excluded. On future prospects, the company said it expects the industry to continue to be challenging in 2009 in view of the extreme price volatility and growing global economic uncertainty. (February 19, 2009)