Full-year net profit rose to RM61 billion, a 31 per cent surge from a year ago, thanks to higher crude, petrochemical and liquefied natural gas prices.
PETROLIAM Nasional Bhd, Malaysia’s state oil company, said full-year profit jumped to a record because of higher crude, petrochemical and liquefied natural gas prices.Net income in the year ended March 31 2008 climbed 31 per cent to RM61 billion (US$19 billion) from RM46.4 billion a year earlier, Petronas, as the company is known, said in a statement in Kuala Lumpur today. Revenue gained to RM223.1 billion from RM184.1 billion.Oil prices in New York almost doubled in the past year, reaching a record US$147.27 a barrel on July 11, as a weaker dollar increased the appeal of commodities as a hedge.
Petronas has operations in more than 33 countries including Iran, Sudan, Myanmar, Vietnam and South Africa.“There have been supply concerns and supply shortages,” chief executive officer Tan Sri Hassan Marican told reporters today. Still, “demand is very strong and continues to be very strong.”Petronas will pay the Malaysian government a special dividend of RM6 billion for the year ended March 31, bringing its total dividend for the period to RM30 billion, the company said. That compares with RM20 billion a year earlier.In annual report released today, the group said its pre-tax profit increased to RM95.5 billion, up 25.2 per cent from RM76.3 billion previously.Total assets surged to RM339.3 billion or 15.2 per cent from RM294.6 billion last year.Shareholders fund improved to RM201 billion from RM170.9 billion, an increased of 17.6 per cent.
The biggest contributor to Petronas’ revenue was from its international operations which constituted 40.3 per cent of the group’s earnings.Export and domestic operations contributed 38.9 per cent and 20.8 per cent, respectively.The international operation posted RM90 billion in revenue, an increase of 33.1 per cent from RM67.6 billion from the previous year, while exports stood at RM86.8 billion from RM73.4 billion, while domestic RM46.3 billion from RM43.1 per cent.
"...as ended March 31 2008, this comodities yield 31 percent to RM61 billion (US$19 billion) from RM46.4 billion a year earlier. The oil price world wide was hike early of 2008. I'm just wondering what the return will be for next year closing..." by Mohd Hashami
SOURCE- Bloomberg, Bernama
