Malaysia’s Petronas posts Q3 profit, sees modest demand growth

(Reuters) – Malaysia’s state energy firm Petroliam Nasional Berhad, or Petronas, swung to a third-quarter profit on higher prices and demand, and forecast a modest recovery in demand.

The company reported third-quarter profit of 16.3 billion ringgit, compared with a loss of 3.4 billion ringgit in the year-ago quarter.

Revenue rose 50% to 61.8 billion ringgit, mainly due to higher average realised prices, the company said.

“The current trajectory of the oil and gas industry is expected to continue, given modest recovery in demand underpinned by improvements of economic activities globally,” the company said in a statement.

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