However, revenue dipped to RM2.6 billion, from RM2.8 billion previously. For the six months ended June 30, Petron posted a net loss of RM12.9 million, from RM7.3 million in profit at the same time in 2012.
Revenue was RM5.5 billion, from RM5.6 billion.
In a filing with Bursa Malaysia today, the company said volatility in the global oil markets in the second quarter, marked by prolonged periods of drops in crude and finished products, contributed to thinner margins. "The decline in profit is also attributed to higher foreign exchange losses due to further appreciation of the US dollar against the ringgit during the period. Crude and finished products are traded in US dollars in the international market," said Petron in its filing.
Looking ahead, Petron said the company was continuing its efforts to improve its business processes and operations, amid the challenging business environment. "Petron is on course to complete its upgrading and rebranding of service stations...the rebranding programme will continue until the end of 2014 where over 550 stations will reflect the new brand," it said
Comments
Post a Comment