Petronas profit falls, but will pay government RM30b
By Lee Wei Lian, The Malaysian Insider
KUALA LUMPUR, July 1 — Petronas group profits before tax fell 24.5 per cent to RM67.3 billion last year due to lower oil prices but the group was able to maintain RM30 billion in dividend payout to the federal government.
Malaysia’s average crude oil output fell 3.3 per cent to 535,000 barrels per day (bpd) in the April-March period, it said.
“The year in review proved to be unusually difficult and challenging for the Petronas Group,” its CEO Shamsul Azhar Abbas told a results briefing.
“Profits experienced even more substantial declines as industry costs continued to remain at relatively elevated levels.”
Net profit fell to RM40.3 billion, from RM52.5 billion a year earlier.
Benchmark US oil prices averaged nearly US$79 a barrel in the first quarter, recovering from a US$43 average during the first quarter of 2009, but are still below a high of US$147 hit during July 2008.
The group said that it would likely be able to maintain dividend payout levels this year although this could affect its growth as capital expenditure would be affected.
“We should be able to maintain RM30 billion (dividends) this year,” said Petronas executive vice-president for finance Datuk George Ratilal.
Revenue fell 18.1 per cent to RM216.4 billion while net profit after minority interest fell 23.2 per cent to RM40.3 billion.
