Malaysia’s petronas pre-tax profit rises to $28.1bn in Q2 2014

Pre-tax profit of the Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) for the second quarter ended June 30, 2014 rose 28% to RM28.1 billion from RM22 billion in the corresponding period last year on the back of higher revenue.

Its revenue increased 15% to RM85.4 billion from RM74.4 billion previously, driven by improved production, higher gas sales and favourable exchange rate, (Bernama) news agency reported.
Production volume improved following production enhancement efforts and new production streams from Malaysia and Iraq, production resumption in South Sudan and additional production from Canada, Petronas Executive Vice-President and Group Chief Financial Officer George Ratilal told a media briefing here Wednesday.
For the first half ended June 30, 2014, Petronas’ pre-tax profit went up 9% to RM55.3 billion from RM50.8 billion in the corresponding period last year.