Petronas has announced its financial results for the first quarter ended March 31. The Group recorded a revenue of RM 59.6 billion, a 4 percent decrease from RM 62 billion in the same period last year,
The Group attributes the decline to the impact of lower average realised prices recorded by LNG, petroleum products, crude oil and condensates.
“The decrease was partially offset by the impact of higher sales volume mainly for petroleum products couples with the effect of the weakening RM against the USD exchange rate,” Petronas said.
Profit After Tax for the quarter stood at RM 4.5 billion, 68 percent lower than the RM 14.2 billion posted in the corresponding quarter in the previous year, primarily due to net impairment on assets and lower revenue recorded.
Cash flows from operating activities for the first quarter of 2020 decreased by 24 percent as compared to 2019’s first quarter. This is mainly due to lower cash operating profit and net negative working capital changes partially offset by lower taxation paid.
Total assets had increased to RM 630 billion as at March 31 compared to RM 622.4 billion recorded as at Dec 31 2019.
“In mitigating the negative impact on its profitability and liquidity, the Group is taking steps to optimise its planned international capital investments and operating expenditures. While the Group continues to invest domestically, it anticipates that there will be constraints in the supply chain as a result of the pandemic. The Board expects the overall financial year performance will be significantly affected by these factor,” the Group said.