KUALA LUMPUR, Sept. 5 (Xinhua) -- Malaysia's state-owned oil and gas firm Petronas posted a lower profit after tax (PAT) for the first half of 2024, primarily attributable to the deconsolidation of subsidiaries and higher taxation during the period.
The firm said in a statement on Thursday that its net profit fell 19 percent year-on-year to 32.4 billion ringgit (7.47 billion U.S. dollars) in the first half of this year.
The firm recorded 171.7 billion ringgit in revenue for the cited period, a slight increase from 169 billion ringgit last year, mainly due to the impact of foreign exchange.
This, however, was partially offset by lower average realized prices, especially for liquefied natural gas (LNG) in tandem with declining benchmark prices.
On outlook, the firm said prolonged geopolitical tensions and macroeconomic uncertainties remain key drivers of heightened volatility that continue to negatively impact the global market.
Amid the complexities of this challenging and dynamic landscape, it said the firm remains agile in recognizing and prioritizing opportunities for growth.
"The group is committed to preserving value through cost rationalization and value-focused investments, both domestically and internationally. Notably, it remains progressive in monetizing upstream resources while advancing efforts in the renewable energy space," it added. (1 ringgit equals 0.23 U.S. dollars) ■
