Petronas Posts Lower First-Half Profit Despite Rise in Crude

Malaysia’s national oil company Petroliam Nasional Bhd. posted a 19% decline in first-half net income due to higher taxes and a shrinking of its asset base.

Petronas recorded net income of 32.4 billion ringgit ($7.5 billion) in the six months ended June, down from 40.2 billion ringgit in the same period a year earlier, according to a statement on Thursday. Revenue rose 2% to 171.7 billion ringgit, mainly due to foreign exchange gains although a drop in liquefied natural gas prices was a drag.