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Petronas Quarterly Net Slips 3.6 Percent on Lower Oil Prices

Aug. 26 (Bloomberg) -- Petroliam Nasional Bhd., Malaysia’s state oil company, posted a 3.6 percent drop in second-quarter profit as lower crude prices offset an increase in output.

Net income fell to 12.5 billion ringgit ($3.8 billion) in the three months through June from 13 billion ringgit a year earlier, the company known as Petronas said in a statement in Kuala Lumpur. Revenue climbed 5.2 percent to 74.4 billion ringgit, it said.

“Looking around there’s nothing to be excited about in the global economy,” Chief Executive Officer Shamsul Azhar Abbas told reporters in the capital today. “There are strategies we have put in place to achieve targets and commitments.”

Brent slipped to an average $102.44 a barrel during the three-month period from $108.19 a year earlier, Petronas said in the statement.

To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net

To contact the editors responsible for this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net; Jason Rogers in Singapore at jrogers73@bloomberg.net

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