Malaysian
state energy firm Petronas said Friday its net profit surged nearly 50 percent
in the latest quarter on higher oil prices but warned the weak global economy
could hit full-year profits.
Profit at Malaysia's biggest company in the three months to
June 30, the first quarter of the country's financial year, grew 48.6 percent
from the same period a year-earlier to 21.7 billion ringgit ($7.27 billion).
"In a nutshell, the first quarter was quite a good run
for Petronas," chief executive Shamsul Azhar Abbas told reporters at a
press conference.
Shamsul said the firm was helped by an average price per
barrel of oil of $122.26 in the quarter compared to $76.14 in the January-March
period, citing the "turmoil in the Middle East and North Africa" for
the strong prices.
Revenue rose 24.6 percent to 73 billion ringgit.
But Shamsul warned the outlook for the rest of the financial
year was challenging because of the weak global economy.
"Based on our July numbers, we are definitely going
towards a slowdown. We had a good run (in the first quarter) and I think the
party is over.
"We are moving into a slowdown and I think this will
continue into next year."
He said demand will be hurt by near-stagnant economic growth
in the United States -- the world's largest oil consumer -- and the possible
resumption in the coming months of oil supplies from Libya, where rebels appear
close to overthrowing longtime ruler Moamer Kadhafi after a six-month civil
war.
"The main worry is the destruction in demand,"
Shamsul said.
Oil prices would hover around $80 to $85 per barrel in 2012,
he predicted.
Oil was mixed in muted Asian trade Friday. New York's main
contract, West Texas Intermediate (WTI) for October delivery eased 34 cents to
$84.96 a barrel in the afternoon and Brent North Sea crude for October rose
eight cents to $110.70.
Shamsul said he expected profit from April to December to
range between 60 billion ringgit and 70 billion ringgit. Petronas posted a 60
billion ringgit net profit in the same period last year.
Petronas -- Malaysia's only Fortune 500 company --
contributes almost half the country's budget revenues. It will end its
accounting period in December 2011 to allow its new financial year to start in
January 2012.
Shamsul said going forward Petronas was keen to invest in
Canada and Australia.
Source : AFP
EmpireMoney.com
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