Kuala Lumpur, 2 November 2015 – PETRONAS Dagangan Berhad (PDB) registered a profit before tax of RM297.7 million for its third quarter ended on 30 September 2015, a 33% increase compared to the corresponding quarter last year due to higher gross margins recorded, lower operating expenditure and higher other income.

Revenue for the quarter under review was RM6,529.3 million, a decrease of 21% as compared to the results of the corresponding quarter last year, mainly as a result of the decrease in average selling price in line with the decline in Mean of Platts Singapore (MOPS) prices.

“Amidst the challenging oil price environment, we have registered three quarters of stronger profit performance as compared to the corresponding quarters last year. This is largely due to our concerted efforts to effectively manage our inventories, thus ensuring sustainable value delivery,” said Mohd Ibrahimnuddin Mohd Yunus, Managing Director and Chief Executive Officer of PDB.

Earnings per share for the quarter was 22.0 sen, a 37% increase compared to the corresponding quarter last year as a result of higher profit for the current quarter.

Total equity attributable to shareholders was RM4,994.1 million, an increase from 31 December 2014 by RM241.9 million due to net profits registered for the quarter ended 30 September 2015.

The Retail Business saw a lower Diesel volume due to the implementation of managed float pricing mechanism beginning December 2014.

The Commercial Business saw an increase in margin by 5% following higher sales volume and improvement in Bitumen margin compared to the corresponding quarter last year.

The LPG Business also increased by more than 50% in margin compared to the corresponding quarter last year, arising from the impact of the Automatic Pricing Mechanism (APM) revision effective June 2015 and cost optimisation initiatives. The Lubricants Business recorded a decrease in volume as compared to the corresponding quarter last year due to cautious consumer spending.

The new PETRONAS PRIMAX 97 with improved Advanced Energy Formula, was launched on 19 August 2015 by the Minister of Domestic Trade, Co-operatives and Consumerism. Besides being the first Euro 4M-compliant RON 97 fuel available in Malaysia, the new PETRONAS PRIMAX 97 is formulated to deliver superior acceleration thus improving drivability.

“With the Retail and Lubricant market becoming more competitive, PDB is committed to pursuing innovation that delivers superior quality product and differentiated services for our customers. The launch of our new PETRONAS PRIMAX 97 with improved Advanced Energy Formula in August is a testament to this,” concluded Ibrahimnuddin.