Petronas net annual profit surges to record US$12.1b
Thursday, June 29th, 2006
KUALA LUMPUR: Malaysia’s national oil and gas company Petronas said Thursday its full-year net profit surged 22.6 percent to a record high, thanks to higher oil prices and increased output. For the year through March, Petroliam Nasional Bhd.’s net profit rose to a record 43.59 billion ringgit (US$12.1 billion; euro9.6 billion), compared with 35.6 billion ringgit a year earlier. Petronas is Malaysia’s most profitable firm and only Fortune 500 company. It is also among Malaysia’s largest bond issuers. Sales for the year rose 21.8 percent to 166.89 billion ringgit (US$46.36 billion; euro36.90 billion) from 137.05 billion ringgit a year ago. Petronas’ total international reserves were steady at 5.94 billion barrels of oil equivalents as at Jan. 1, 2006, from 5.93 billion barrels a year earlier. Asked if Petronas will sell bonds in 2006, Petronas Chief Executive Hassan Marican reiterated it wouldn’t need to sell global bonds this year, as the company has enough cash. - AP
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