Petronas posts 23 percent rise in half-year profits
Malaysian oil firm Petronas Wednesday posted a 23 percent rise in half-year net profit in spite of a drop in total production, in a showing driven by high crude oil prices.
Malaysian oil firm Petronas Wednesday posted a 23 percent rise in half-year net profit in spite of a drop in total production, in a showing driven by high crude oil prices.
Petronas said its net income to Sept 30 was at US$5.46 billion compared to US$4.44 billion to the same period last year, while total revenue was US$21.36 billion compared to US$16.71 billion.
Its total oil production fell by 9.4 percent to 1.449 million barrels of oil equivalent per day compared to the previous period.
Record result
Spiralling oil prices saw Petronas post a record profit of US$9.35 billion dollars for the year to March, and officials said in July the company was on track for another record result if crude prices remained high.
The company has unveiled plans to be a global energy player able to compete with giants like ExxonMobil, Shell, BP and Chevron Texaco.
Petronas is the only Malaysian company to be listed in the Fortune Global 500 list of the world's biggest firms.
