KUALA LUMPUR: Petronas Dagangan Bhd’s pre-tax profit for the second quarter (Q2) ended June 30, 2016 fell to RM249.01 million from RM376.10 million recorded in the same period last year.
In a filing to Bursa Malaysia today, the company said revenue eased to RM5.33 billion from RM6.47 billion previously, as a result of a 20 per cent decrease in the average selling price despite a three per cent increase in sales.
“The decrease in average selling price was due to a decrease in Mean of Platts Singapore prices,” it said. Its basic earnings per share dropped to 21.60 sen versus 27.50 sen. Petronas Dagangan is of the opinion that the economic and business environment outlook for financial year 2016 would remain challenging.
“The group will continue to focus on inventory management, supply and distribution efficiency, as well as, operating expenditure optimisation to ensure the company remains resilient in the face of a challenging environment,” it said.
