Petronas Q3 net profit falls 22 percent to 12.4 billion ringgit
KUALA LUMPUR Nov 29 (Reuters) - Malaysia's Petroliam Nasional Bhd posted a 22 percent fall in third-quarter net profit as a halt in production in Sudan and pressure on its margins dented its performance.
Petronas said its profit for the quarter ended Sept. 30 fell 22 percent to 12.4 billion ringgit ($4.06 billion) from 15.9 billion ringgit a year ago.
"The environment remains challenging but we are quite happy with what we have achieved," CEO Shamsul Azhar Abbas told reporters. "On the international side, it is not looking good. The damage is mainly from Sudan where we are still struggling to start production," he added.
Unlisted Petronas accounts for nearly half of Malaysia's government budget revenues and needs to secure more overseas reserves to offset declining output and maintain profits.
© Thomson Reuters 2017 All rights reserved.