KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd has posted a net profit of RM91 million in the second quarter of the year, 49 per cent increase from RM61 million posted in the same period last year.
Sales revenue for the period grew by 32 per cent to RM2.4 billion largely due to the increase in average crude prices of nine per cent and improvement in product cracks.
Sales volume reached 8.5 million barrels, 9 per cent improvement from the 7.8 million sold during the previous year.
Dated Brent crude, which averaged US$49.8 per barrel in the second quarter, dropped from the first quarter average of US$53.8.
The negative impact on margins was partly cushioned by favorable price differential between finished products and crude.
The company also realised gains on service station divestments as a result of compulsory acquisition by the government.
The company’s first half total revenue reached RM5 billion, representing 43 per cent growth from last year. Net income amounted to RM199 million and operating income grew to RM214 million.