Petronas reports higher profits

By LNG World News Image courtesy of PetronasMalaysian energy giant Petronas reported a rise in its full year and fourth quarter profits despite the low oil prices and a challenging market environment.
The company’s profit after tax reached RM23.5 billion (Approx: US$5.2 billion) for the full year 2016, showing a 12 percent increase.
However, the company’s report shows that the revenue dropped 17 percent to RM204.9 billion from RM247.7 billion in 2015.
The drop was attributed to the downward trend of key benchmark prices coupled with the impact of lower sales volume.
The company’s fourth-quarter profit jumped 85 percent compared to the previous quarter reaching RM11.3 billion. The

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