Malaysia's Petronas says profit down 14 percent
Malaysian oil firm Petronas posts 14 percent drop in 2012 profit, sees further headwinds
KUALA LUMPUR, Malaysia (AP) -- Malaysia's national oil company Petronas says profit fell 14 percent last year and warned of further headwinds.
Petronas said Thursday that revenue rose by 1 percent to 291 billion ringgit ($93.6 billion) but net profit slipped to 54.3 billion ringgit ($17.5 billion) in the financial year ended Dec 31.
It suffered a 45 percent drop in profit for the last quarter of the year.
Petronas, which is Malaysia's only Fortune 500 company and the country's most profitable, attributed the lower profit to rising costs, loss of production in South Sudan and impairment of its Egypt investment.
Chief Executive Shamsul Azhar Abbas said the slow global economic recovery will hurt demand this year but Petronas will focus on increasing domestic output to sustain profit.
