Petronas posts 15.6% rise in pre-tax profit

Petronas Dagangan Bhd (PDB) reported a 15.6% increase in pre-tax profit to RM 1.21 billion (US$6.96 billion) for the financial year ended March 31, 2011. “We maintain our net profit forecasts of RM665 million (prorated for the nine-month to 31 Dec, 2011 following the financial year end change) and RM942 million for 2012 after assuming an annualised volume growth rate of two to three per cent,” research house HwangDBS Vickers said. However, it said this had yet to factor in a possible dip in sales volume for retail motor gasoline and diesel fuel should there be a sizeable hike in petrol pump prices, as the government may cut subsidies soon. According to the research group, “Going forward, demand for the group’s petroleum products is projected to grow steadily in tandem with rising domestic economic activity.  (May 26, 2011)