Petronas posts lower Q3 net profit.

Petronas recorded 91% plunged down in net profit to RM 1.4 billion for the third quarter ended September 30, 2015 compared to the same quarter last year. Its revenue for the quarter decreased 25% to RM 60.1 billion from RM 80.4 billion previously. However, its downstream business recorded 38% increase in net profit to RM 7.3 billion from RM 5.3 billion. For the nine-month-period net profit was drop 57% from RM 54.9 billion to RM 23.8 billion. The increase was fuelled by strong refining and marketing margins on the back of lower feedstock prices, as well as improved plant performances for its refineries and petrochemical plants. Its president and Chief Executive Officer Datuk Wan Zulkiflee Wan Arifin said the non-cash impairments are a necessary, prudent measures as the company braces for a long-drawn out period of low oil prices. “However, we remain confident of being able to weather the storm given our strong cash flow of RM51 billion year-to-date and RM 17billion in the Q3 alone,” said Wan Zulkiflee. He also said the national oil company would be giving out lower dividend of RM 16 billion payable in 2016 compared to RM 26 billion this year.