National oil company Petronas said today its pre-tax profit fell 16.2 percent for the year to March from the previous year to RM24.32 billion.

The oil giant said it posted revenues of RM67.181 billion for the period, down 8.4 percent from the year-earlier RM73.351 billion.

Petronas attributed the falls to the global economic slowdown in 2001, the Sept 11 terrorist attacks on the US, and "increasing geopolitical instability in many parts of the world".

"The combination of these events dampened demand for energy and drove prices down, resulting in a 21 percent decline in the average price of Malaysian crude oil during the financial year," it said in a statement.

Domestic front

The average price of Malaysian crude fell to US$23.24 per barrel from US$29.86 in 2001, it said.

Azizan Zainul Abidin, Petronas chairman told reporters: "Fortunately, the resilience and integrated operation of the company enabled Petronas to continue to chalk up a commendable performance."

While most other major oil companies saw revenue falling by nine to 12 percent, Petronas' revenue contracted only 8.4 percent.

Azizan said for the year under review, the company's international business rose 11.39 percent to 20.4 billion ringgit while exports stood at RM30.8 billion.

"This encouraging trend reflects the continued expansion and increasing importance of our international operations," he said.

Azizan said on the domestic front, Petronas has completed the construction and commenced operation of its gas-based petrochemical plants in Kerteh and Gebeng. — AFP