Petronas’s profit jumps despite lower LNG sales volumes

Petronas's profit jumps despite lower LNG sales volumes
Image courtesy of Petronas

Malaysian energy giant Petronas reported a 54 percent jump in profit for the first six months of the year. 

The company’s profit after tax for the first half of the year reached 26.6 billion Malaysian ringgit ($6.49 billion) compared to 17.3 billion Malaysian ringgit in the first half of 2017.

Revenue for the period reached 117.2 billion Malaysian ringgit, 8 percent above the 108.1 billion Malaysian ringgit reported in the corresponding period of last year, Petronas’ report shows.

Profit after tax for the second quarter of the year was 94 percent up on the second quarter in 2017, reaching 13.6 billion Malaysian ringgit, compared to 7 billion Malaysian ringgit in 2017.

Total LNG sales volume for the first half of 2018 was 14.48 million tons, 0.21 million tons below the sales volume reported in the first half of 2017.

The decrease was mainly attributable to lower volume from LNG plants, the company said.

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