Profits dip for Petronas

Head office: the Petronas Towers in Kuala Lumpur

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By News Wires

 01 December 2010 02:49 GMT

Malaysia’s state player Petronas saw its second quarter net profit dip to 11.88 billion ringgit ($3.72 million) on higher taxes from 11.97 billion ringgit a year ago.

First half net profit was higher at 26.5 billion ringgit, up from 22.3 billion a year earlier.

Petronas’ chief executive Shamsul Azhar Abbas said the national oil company expects to beat last year’s results with a full-year pre-tax profit of about 80 billion ringgit.

Revenue was 10.1% higher at 56.99 billion ringgit, compared with 51.74 billion ringgit for the corresponding period in 2009 due to higher crude and petroleum product prices.

Exploration and production revenue rose 18.5% to 20.5 billion ringgit from 17.3 billion ringgit a year ago on higher natural gas and crude…

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