Petronas’ profits fall 14%

Profits of state-owned national oil firm Petroliam Nasional Bhd (Petronas) fell significantly year on year due to higher operating costs despite record revenues. The company’s net profit for fiscal year 2008-2009 was 52.5 billion ringgit (US$14.7 billion), 14% lower than the 61 billion ringgit (US$17.08 billion) profit the year before. Company revenues were a record high of 264.2 billion (US$73.97 billion), due to higher sales volumes and a stronger U.S. dollar. Petronas had sold Malaysian crude oil at an average price of US$88.07 a barrel in fiscal 2009, compared with US$86.81 a year earlier. (June 25, 2009)