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Petronas reports record annual profit

KUALA LUMPUR: Petroliam Nasional Bhd reported a record annual profit Thursday.

Petronas said its net profit rose 7.7 percent to 46.4 billion ringgit (US$13.3 billion; euro9.9 billion) in the financial year ended March 31 from 43.1 billion ringgit in the previous year.

Revenue rose 10 percent to 184.1 billion ringgit (US$52.6 billion; euro39.1 billion) from 167.4 billion ringgit, said Petronas, Malaysia's only Fortune 500 company and the country's most profitable firm.

With global oil prices remaining high, Petronas said in a statement that it sold Malaysian crude oil at an average of US$68.50 per barrel during the fiscal year, up 11.2 percent from US$61.60 in the previous year.

Petronas Chief Executive and President Hassan Marican declined to forecast crude oil prices for this year but said "the consensus is that prices will remain firm in the short term.''

Hassan also warned that if demand in Malaysia continues to grow at four percent annually, the country will be a net importer of crude oil by 2010.

As at Jan. 1, 2007, Malaysia had 5.36 billion barrels of crude oil and condensate reserves.

As a state-owned enterprise, Petronas' earnings help boost government coffers.

For the just-ended year, Petronas paid 48.3 billion ringgit (US$13.8 billion; euro10.3 billion) in taxes, royalties, dividends and export duty, making it the single biggest tax payer in Malaysia. - AP

Fortune Global 500

Petronas
Rank: 121 (Previous rank: 120)
CEO: Mohamed Hassan Marican
Employees: 33,439
Address: Tower 1, Petronas Twin Towers
Kuala Lumpur 50088
Malaysia
Phone: 60-3-205-15000
Website: www.petronas.com.my

$ millions % change from 2005
Revenues 50,987.5 15.1
Profits 12,862.8 11.2
Assets 85,200.6 --
Stockholders' Equity 49,424.5 --

Petronas reports record annual profit

KUALA LUMPUR: Petroliam Nasional Bhd reported a record annual profit Thursday.

Petronas said its net profit rose 7.7 percent to 46.4 billion ringgit (US$13.3 billion; euro9.9 billion) in the financial year ended March 31 from 43.1 billion ringgit in the previous year.

Revenue rose 10 percent to 184.1 billion ringgit (US$52.6 billion; euro39.1 billion) from 167.4 billion ringgit, said Petronas, Malaysia's only Fortune 500 company and the country's most profitable firm.

With global oil prices remaining high, Petronas said in a statement that it sold Malaysian crude oil at an average of US$68.50 per barrel during the fiscal year, up 11.2 percent from US$61.60 in the previous year.

Petronas Chief Executive and President Hassan Marican declined to forecast crude oil prices for this year but said "the consensus is that prices will remain firm in the short term.''

Hassan also warned that if demand in Malaysia continues to grow at four percent annually, the country will be a net importer of crude oil by 2010.

As at Jan. 1, 2007, Malaysia had 5.36 billion barrels of crude oil and condensate reserves.

As a state-owned enterprise, Petronas' earnings help boost government coffers.

For the just-ended year, Petronas paid 48.3 billion ringgit (US$13.8 billion; euro10.3 billion) in taxes, royalties, dividends and export duty, making it the single biggest tax payer in Malaysia. - AP

Fortune Global 500

Petronas
Rank: 121 (Previous rank: 120)
CEO: Mohamed Hassan Marican
Employees: 33,439
Address: Tower 1, Petronas Twin Towers
Kuala Lumpur 50088
Malaysia
Phone: 60-3-205-15000
Website: www.petronas.com.my

$ millions % change from 2005
Revenues 50,987.5 15.1
Profits 12,862.8 11.2
Assets 85,200.6 --
Stockholders' Equity 49,424.5 --