Petronas recorded a 59.7% increase in its net profit after minority interest to RM12.3 billion in Q1 ending March 31, 2011 (Q1FY2011) from RM7.7 billion in the same quarter of FY2010.
Petronas executive vice-president of finance Datuk George Ratilal (Picture) said the jump in its Q1 results came on the back of enhanced operational efficiencies and cost optimisation initiatives.
The group’s revenue rose by 26.3% to RM58.6 billion in the same quarter from RM46.4 billion during the same period last year, on the back of higher realised prices as world oil demand rose, he said.
Its dividend for FY2010 amounted to RM30 billion and it expects to maintain similar dividend amount for this financial year.
Petronas president and chief executive officer Datuk Shamsul Azhar Abbas said it expects to perform better this financial year but added that performance for the second half of this year could either be maintained or move downwards due to the fragile world economy.
Shamsul Azhar, who was speaking to reporters after announcing its Q1 results today, said the recovery from the slowdown would take longer than recessions in the past.
According to him, the company has no plans to take over a stake in the Azadegan oilfield project in Iran and that it has not been involved in the Iranian South Pars project since its contract expired.
Shamsul said that the company will also be realigning its portfolio as its domestic portion has been "neglected".
The company announced a RM2 billion capital expenditure (capex) for its exploration division over three years, starting this year and its new LNG (liquefied natural gas) regassification plant with a capacity of about 3.5 million tonnes would be completed by July 2012.
LNG sales volume for the group in Q1 FY2011 stood at 5.82 million tonnes, 10% higher than the 5.27 million tonnes recorded in the same period last year.
Shamsul Azhar added that Petronas would be making its quarterly results available within 60 to 70 days from Q2 onwards as part of its self-imposed discipline towards greater transparency.-TheSunOnline