Petron Malaysia Sparked Storm On Bursa Malaysia!

 Petron Malaysia Refining and Marketing Bhd's shares surged as much as 38 cents or 10.98% to RM3.84 after the company announced its net profit for the third tier ending September 30, 2020 (3QFY20) tripled to RM97.64 million.


At 10:18 am, the company's stock counter had surged at RM3.76, still up 30 cents or 8.67%, making it among the fifth-most profitable counterparts this morning.


The company counterpart also witnessed as many as 398,700 shares exchanging hands.



Overnight, Petron Malaysia announced its net profit jumped 183.64% to RM97.64 million against RM34.42 million last year, supported by rationalization measures resulting in higher costs and gross profits.


The company's revenues with respect to 3QFY20 however fell 39.24% to RM1.68 billion from RM2.77 billion following the pandemic contagion that has continued to limit oil prices and demand this year.


In addition, for the first nine months ended September 30, Petron Malaysia incurred a net loss of RM55.33 million instead of a net profit of RM148.16 million. Its revenue also shrank 42.07% to RM4.95 billion from RM8.54 billion prior to this.


Despite the ongoing threats caused by the pandemic to the Malaysian oil industry and economy, the company remains confident that through frugality of resources and risk management measures, commercial performance will improve as the country's economy recovers.