Petronas has posted a record profit before tax of RM96 billion, a 25 per cent increase from the previous year.
Its turnover rose 21 per cent to RM223 billion ringgit for the financial year ended 31 March 2008. Revenue from international operations made up 40 per cent of the total figure.
The results were released about 15 days later than in the past five years, when they were out by 30 June. The record profit for Petronas comes at a time when many Malaysians are struggling to cope with a 41 per cent hike in the retail petrol price and its inflationary impact.
While government subsidies for retail oil sales have been slashed, Petronas has increased its gas subsidies to the power sector by 18 per cent to RM14 billion. This includes RM8 billion to the independent power producers. It has also increased its subsidies to the non-power sector by 51 per cent to RM6 billion.
Petronas’ latest profit after tax and minority interests of US$18.1 billion puts it right up there with the big boys Chevron ($18.7 billion) and BP ($20.8 billion) and not far behind giants Exxon $40.6 billion and Shell ($31.3 billion).