From a net profit of RM57.52 million in Q1 2019, Petron Malaysia Refining and Marketing Bhd (PMRMB) recorded a net loss of RM83.68 million in Q1 2020.
Mainly due to a significant decline in oil prices and the negative impact from the COVID-19 pandemic, revenue for the quarter declined to RM2.24 billion against RM2.75 billion in Q1 2019.
Due to the implementation of the movement control order (MCO) by the government, the company’s sales volume during the quarter dropped by 11 percent year-on-year to 8.1 million barrels compared to 9.1 million barrels in Q1 2019.
The company said uncertainties caused by oil price war among top producing countries and the COVID-19 pandemic led to an unprecedented global oil supply glut and a steep decline in prices of crude oil and petroleum products.
Once the global pandemic is over, the company is confident that it could turn its performance around. The company remains committed to network expansion activities and completing its major projects at its refinery as soon as possible. In response to the pandemic, a number of efforts have been initiated by Petron, including the donation of personal protective equipment to frontliners and hospitals in seven states.
