PETRONAS DAGANGAN BERHAD REGISTERS PROFIT OF RM 282.2 MILLION FOR Q2 FY2016

15 Aug 2016
Kuala Lumpur, 15 August 2016 – PETRONAS Dagangan Berhad (PDB) registered Profit Before Tax (PBT) is at RM282.2 million, a decrease of 4% compared to the preceding quarter mainly due to the impairment made for subsidy receivables of RM89.9 million which has been long outstanding. Excluding the impairment, PBT is higher by 27% compared to the preceding quarter. The complete divestment of PETRONAS (Vietnam) Co. Ltd. (PVL) within the same quarter resulted in a profit from discontinued operations of RM33.2 million.
The Company’s earnings per share was 21.6 sen compared to 22.2 sen during the preceding quarter, in line with lower profit recorded in the current quarter.

The total equity attributable to shareholders was RM5,053.1 million, an increase since 31 December 2015 by 2%.

The Retail Business recorded a 1% increase in volume compared to the preceding quarter.

The Commercial Business recorded a 7% increase in volume compared to the preceding quarter despite the lower demand from the aviation, upstream and fishery.

The LPG Business recorded a 23% increase in domestic gross profit compared to the preceding quarter. The growth was attributed to the Company’s success in securing new customers for its commercial LPG segment.

The Lubricant Business recorded a 2% increase in domestic gross profit compared to the preceding quarter as a result of higher margin per litre.

The introduction of PETRONAS Dynamic Diesel Euro 5 within the Klang Valley this month is expected to invigorate its consumer diesel segment. The company expects to expand its availability to more stations within this year to meet customer demands.

PDB Managing Director and Chief Executive Officer Mohd Ibrahimnuddin Mohd Yunus said, “The year continues to be challenging for the oil and gas industry. We remain focused on the strategies implemented, namely, inventory management, supply and distribution efficiency and cost optimisation initiatives in our endeavor to remain profitable in this environment. In a increasingly competitive Retail market, we further differentiate ourselves from our competition by continuously applying innovation and enhancements to our products and services. We strive to continuously deliver a satisfying experience to our customers regardless of changes and challenges faced in the industry and economy,” concluded Ibrahimnuddin.
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