Malaysia’s Petronas Q1 profit doubles

2 June, 2021 12:00 AM printer

KUALA LUMPUR: Petronas’s first-quarter profit more than doubled on the back of recovering commodity prices, but the Malaysian state oil firm cautioned demand prospects hinged on vaccines preventing a resurgence of the Covid-19 pandemic.

Petronas said on Monday it made a post-tax profit of RM9.3 billion ringgit (S$2.98 billion) in January-March, against RM4.5 billion in the same quarter last year, also attributed to lower overall costs, report agencies.

Revenue fell 12 per cent to RM52.5 billion due to lower sales volume of petroleum products, liquefied natural gas (LNG) and natural gas.