State energy firm Petronas today said net profit for the fiscal year ended March 31 sank 13.9 percent year on year because of higher costs and lower crude oil prices.

"The financial year ended 31 March 2009 was a difficult and highly challenging year for the Petronas Group as the global oil and gas industry was thrust into an environment of heightened volatility and uncertainty amidst the worst global economic crisis in more than 70 years," it said in a statement.

petronas Malaysia's biggest company in terms of profit, assets and revenue, Petronas said net profit was RM52.5 billion compared with a record profit of RM61 billion a year earlier.

Revenue rose 18 percent to RM264.2 billion - a record high for the company - due to bigger sales volumes and a stronger US dollar against the ringgit, it said.

Petronas had posted revenue of RM223.1 billion in fiscal 2008.

The firm is Malaysia's only Fortune 500 company and is also among Malaysia's largest bond issuers.

-AFP