Business

Petronas Dagangan posts Q3 pre-tax profit of RM340.5m

November 29, 2012

KUALA LUMPUR, Nov 29 – Petronas Dagangan Bhd registered a pre-tax profit of RM340.5 million for the third quarter ended Sept 30, 2012, an increase of RM40.1 million from the corresponding quarter last year.

The growth was due to higher gross profit by RM45.4 million arising from sales volume growth and the increase in Mean Of Platts Singapore prices, which had resulted in an increase in average margin by 7.1 per cent, it said in a statement today.

Group revenue for the quarter increased by RM185.0 million to RM7,489.9 million from RM7,304.9 million in the same period a year ago.

“The improved revenue was attributed to the increase in higher sales volume by 1.6 per cent and higher average product selling prices by 0.3 per cent mainly in commercial segments,” it added.

Managing Director and Chief Executive Officer Aminul Rashid Mohd Zamzam said: “Despite the challenging market demand conditions, we have continued to perform credibly by pursuing an aggressive growth strategy.

“We have continued to register higher revenue and better profit for the quarter under review.

“We are positive that our strategic marketing efforts coupled with our cost optimisation and operational efficiency initiatives will continue to drive positive results and support our growth engines.”

In the South East Asian region, he said the acquisition of the six downstream companies, namely in the Philippines, Vietnam and Thailand, are progressing as scheduled.

The company is expected to begin rolling out various growth initiatives over the next 12 months, he added. – Bernama

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