KUALA LUMPUR: Petron Malaysia Refining and Marketing Bhd (PMRMB) recorded a net loss of RM83.68 mil in the first quarter ended March 31, 2020 from a net profit of RM57.52 mil in the same period last year.
Revenue for the quarter declined to RM2.24 bil against RM2.75 bil in 1Q19, mainly due to the negative impact from the Covid-19 pandemic and a significant decline in oil prices, it said in a statement today.
During the quarter, the company’s sales volume dropped by 11% year-on-year to 8.1 million barrels from 9.1 million in 1Q19 due to the implementation of the movement control order (MCO) by the government, which led to a sharp decline in domestic oil demand due to limited movement and economic activity.
The company said uncertainties caused by the pandemic and the oil price war among top producing countries led to an unprecedented global oil supply glut and a steep decline in prices of crude oil and petroleum products.
Brent crude price fell 52% from its December 2019 average of US$67 per barrel to US$32 in March.
PMRMB chairman Ramon S. Ang said the company is confident that it could turn its performance around once the global pandemic is over.
He added that the company remains committed to completing its major projects at its refinery as well as network expansion activities as soon as possible.
“Right now, we are focused on our immediate recovery while keeping our long-term strategic goals in sight.
“During these difficult times, our efforts are geared towards maintaining our resilience, keeping our people safe, as well as helping our communities and those on the frontlines,” he added.
In response to the pandemic, Petron has initiated a number of efforts including the donation of personal protective equipment to frontliners and hospitals in seven states. – May 21, 2020, Bernama
