Petroliam Nasional Bhd (Petronas) today posted an increase of 50.9 percent in its net profit to RM40 billion for its first six months to Sept 30, 2011 from RM26.5 billion recorded in the first half of its previous financial year.

The company recorded a pre-tax profit of RM57.6 billion, compared to RM39.6 billion in the previous corresponding period.

Revenue for the first six months rose by 25.3 percent to RM144.8 billion from RM115.5 billion in the previous corresponding period.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 39.4 percent to 64.7 billion from RM46.4 billion in the previous corresponding period.  

For the second quarter, net profit jumped 53.8 percent to RM18.3 billion from RM11.9 billion recorded for the previous corresponding period.

Revenue for the second quarter improved by 26 percent to RM71.8 billion from RM57 billion registered for the previous corresponding period, while EBITDA improved 44.3 percent to RM30.6 bilion from RM21.2 billion in the second quarter of its previous financial year.

President and chief executive Shamsul Azhar Abbas attributed the increase in the net profit to the higher gross profit margin despite the elevated cost environment.

He said the improved revenue was due to higher prices across Petronas’ product range, partially negated by the stronger Ringgit against the US dollar.

“The result was beyond our expectations. Moving forward, we are looking at pre-tax profit of between RM70 billion and RM75 billion for the year-end. That’s how the market is moving this time,” he told a press conference when announcing Petronas’ financial performance for the second quarter and first half of its current financial year in Kuala Lumpur today.

Shamsul Azhar said he foresees the price of crude oil hovering between US$85 and US$87 per barrel next year.

- Bernama