Petronas Q4 profit surges 45pc

March 04, 2014 - 2:20:01 pm

KUALA LUMPUR: Malaysian oil giant Petronas said Tuesday its fourth quarter net profit jumped 45 percent on strong production, making 2013 "one of the best years ever" for the state energy firm.

Net profit for the three months ending December 31 stood at 12.76 billion ringgit or $3.89 billion, up 45 percent from the same period in 2012, while revenue rose 10 percent to 84.8 billion ringgit.

Overall the company's profit increased 10 percent to 65.59 billion ringgit for the last financial year compared to 2012. 

Revenue added 9 percent to 317.3 billion ringgit.

"Last year, 2013, in terms of results would be one of the best years ever," Petronas president and group chief executive Shamsul Azhar Abbas said. 

"The performance has been solid. It was achieved based on an increase in production."

The group's results were boosted by improved production in Malaysia and the resumption of production in South Sudan, which had been forced to a halt due to political turmoil.

New oil and gas output also came from Malaysia, Iraq and Canada, where Petronas is embarking on a $35 billion liquid natural gas (LNG) project.

Shamsul was more cautious about this year's outlook, saying it would be "challenging" to again achieve such numbers.

But the company, Malaysia's only representative in the Fortune 500, said in its financial report that it expected to address challenges such as decreased demand, particularly from emerging and developing economies, and declining margins.

Net profit increased 20 percent in the third quarter last year after falling slightly in the first and second quarters.  

Petronas contributes about half of Malaysia's budget revenue. (AFP)