Petronas Dagangan posts better earnings on improved margins
This was despite a 14.9% drop in revenue to RM5.54bil.
Petroliam Nasional Bhd’s domestic marketing arm said in statement to Bursa Malaysia that the lower revenue was a result of a decrease in the average selling price of 13%, coupled with a lower sales volume of 2%.
The drop in the average selling price was due to the fall in Mean of Platts Singapore (MOPS) prices.
Although the average selling prices for the retail and commercial segments slid 15% and 11% respectively, both segments recorded higher operating profits.
For the retail segment, operating profit rose 17.2% to RM167.3mil mainly due to improved diesel margins and higher other income. For the commercial sector, the figure went up 9.5% to RM167.9mil thanks largely to higher margins from aviation and fuel oil, as well as higher other income.
Earnings per share (EPS) increased to 25 sen from 22 sen previously.
PetDag declared an interim dividend of 14 sen. This brings total dividend for the nine-month period to 40 sen, the same as the corresponding period of last year.
On a nine-month basis, net profit was down 2.1% to RM683.1mil on a 17.1% drop in revenue to RM15.8bil, bringing its cumulative EPS to 68.8 sen from 70.2 sen previously.