Petronas Posts 4Q Loss. Outlook Challenging, CEO Says

Malaysian state oil firm Petronas fell to a fourth-quarter loss on Friday hurt by lower oil prices and demand.

Petronas announced in a virtual briefing a 1.1 billion ringgit ($272 million) loss after tax for the October-December quarter versus a profit of 4.1 billion a year earlier.

It was the third straight quarterly loss at the firm, formally known as Petroliam Nasional Berhad.

Revenue fell 31.3% to 44 billion ringgit.

For 2020, it recorded a profit after tax of 10.5 billion ringgit, it said. Excluding impairment charges, its cash flow from operations was 40.7 billion ringgit.

Petronas said 2021 will remain difficult due to the pandemic.

“The outlook remains challenging with modest recovery in demand and oil prices, as the COVID-19 impact still continues with the emergence of new surges in cases,” Petronas CEO Tengku Muhammad Taufik said.

($1 = 4.0470 ringgit) 

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