PetDag 3Q net profit up 26pct to RM236.16m

KUALA LUMPUR: PETRONAS DAGANGAN BHD net profit for the third quarter ended Dec 31, 2010 rose 26.1% to RM236.16 million from RM187.25 million a year earlier, driven by higher product average selling prices and sales volume.

The company said on Wednesday, Feb 16 that the higher net profit was also due to lower operating costs.

Revenue for the quarter rose to RM5.93 billion from RM5.34 billion. Earnings per share were 23.8 sen, while net assets per share was RM4.60.

On its prospects, PetDag said market demand conditions remained challenging due to the weaker economic growth prospects in the last quarter of its financial year.

“However, the market leadership will continue to be maintained with continuous strategic marketing efforts and initiatives. Efforts to improve margin will continue through cost optimisation and operation efficiency initiatives.

“Profits for the current financial year however may be impacted by fluctuations in international oil price, petroleum product costing and global economy,” it said.