KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd reported a net income of RM42.01 million in the second quarter ended June 30, 2021 from a RM69 million net loss it incurred last year.
The company's revenue rose 99.01 per cent to RM2.03 billion in Q2 2021 from RM1.02 billion a year ago driven by higher oil prices and sales volume.
Petron Malaysia said despite the re-imposition of a Full Movement Control Order (FMCO) during the Q2, its total sales volume grew four per cent over the same period last year as more essential sectors and services were allowed to operate during the FMCO.
Petron Malaysia generated a gross profit of RM113 million during the quarter, a complete turnaround from the RM68 million gross loss in the same quarter last year when prices plunged at an unprecedented level.
The inventory holding gains from the upturn in prices and gradual recovery in domestic sales largely contributed to the margin improvement.
For the first half, the company delivered a net profit of RM145.01 million, a reversal from a net loss of RM152.97 million last year.
Its 1H21 revenue rose RM4.03 billion from RM3.264 billion previously.
Petron Malaysia chairman Ramon S.Ang said the company was able to deliver another positive performance thanks to its financial resilience and competitiveness, as well as the overall improvements in the global oil industry.
"We will strive to strengthen our volume recovery initiatives, cost rationalisation measures, and prudent risk management efforts to sustain this momentum despite the ongoing threats of the pandemic," he added.