Petronas posts net profit of US$21 billion

Petronas, Malaysia’s state-owned oil and gas company reported a strong net profit of US$21 billion for the fiscal year ending March 31. This is an increase of 38.5% from last year. The increase in revenue is attributed to the high price of crude.  Revenue also increased to MR241 billion (US$79.2 billion). George Ratilal, executive vice president of finance for Petronas, said, “We had a pretty good year, but the oil and gas industry is fraught with uncertainties, especially volatility in crude prices, rising costs, and the many elements of geopolitics.  I can say that conditions permitting, we aim to achieve satisfactory financial performance for the next financial year.” (June 8, 2011)