The Petronas Group recorded a revenue of RM34 billion for the second quarter ended June 30, lower by 42 percent from the RM59.1 billion recorded in the second quarter of 2019. This was predominantly due to lower average realised prices major products and lower sales volume mainly from petroleum products, LNG and processed gas.
The Group recorded LAT of RM21.0 billion as compared to PAT of RM14.7 billion in the corresponding quarter last year, primarily due to lower revenue coupled withnet impairment losses on assets.
EBITDA decreased by 66 per cent to RM9.1 billion from RM26.9 billion, in line with lower profit.
CFFO for the quarter stood at RM8.6 billion, in line with lower cash operating profit which was partially offset by net positive working capital changes and lower taxation paid due to lower profit estimates.
“Petronas has endured a very challenging first half of the year, and we expect our performance to be affected by the volatility of oil prices which continues to be exacerbated by the uncertainties brought about by the ongoing Covid-19 pandemic,” said Tengku Muhammad Taufik, President and Group Chief Executive Officer, Petronas.
“The company’s financial performance for the first half of the year 2020 reflects the uncertainties faced by the oil and gas industry as it was further compounded with the effect of weak demand caused by global lockdowns and movement restrictions, excess capacity, and a fragile outlook for oil prices,” he added.
The company’s business operating units are also working closely with the National Security Council of Malaysia and the relevant authorities, particularly for plant and on-site workforce to establish stricter HSSE standards and standard operating procedures whilst ensuring minimal disruption to our business and operations.