Business

PetDag records stellar 1Q17 results

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, May 18 2017 : Petronas Dagangan Bhd (PetDag) recorded a stellar first quarter pre-tax profit of RM335.6 million for the three months ended March 31, 2017 against RM295.6 million recorded in the same quarter last year.

Revenue rose to RM6.69 billion from RM4.91 billion previously, thanks to the 43 per cent increase in average selling price following the increase in M9an of Platts Singapore prices.

The selling prices, however, was offset by lower sales volume of four per cent, the petroleum products provider said in a filing to Bursa Malaysia yesterday.

The group’s operating profit was higher by RM39.3 million to RM336.1 million, during the quarter under review, compared with the corresponding quarter last year on the back of better operating profits from retail and commercial segments which increased to RM198.80 million and RM132.20 million, respectively.

Going forward, PetDag said the economic and business environment outlook for the 2017 financial year remained uncertain.

“The group will continue to focus on inventory management, supply and distribution efficiency, as well as, operating expenditure optimisation to ensure the company remains resilient in the face of a challenging environment,” it added. – Bernama

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