Malaysia's Petronas Q2 Profit Falls 85% On Low Oil Prices, Impairments

Reuters

KUALA LUMPUR, Aug 22 (Reuters) - Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said its net profit fell 85 percent in the second quarter due to low crude oil prices and a jump in impairment charges.

April-June profit fell to 1.62 billion ringgit ($401.99 million) from 11.07 billion ringgit in the same period a year earlier. Revenue fell 21 percent to 48.44 billion ringgit.

Impairment charges totalled 7.16 billion ringgit.

"The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017," President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

(Reporting by Emily Chow)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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