May 22, 2020 / 10:04 AM / 4 days ago

Malaysia's Petronas posts 68% first-quarter profit plunge

KUALA LUMPUR, May 22 (Reuters) - Malaysian state oil company Petronas on Friday posted a 68% slump in first-quarter profit, dragged down by lower prices of LNG, petroleum products and crude oil and condensates.

Petronas said that profit after tax for the January-March period fell to 4.5 billion ringgit ($1.03 billion) from 14.2 billion ringgit in the same period last year. Excluding impairment charges, profit totalled 9.2 billion ringgit.

Revenue at the firm, formally known as Petroliam Nasional Berhad, fell 4% to 59.6 billion ringgit. ($1 = 4.3610 ringgit)

Reporting by Mei Mei Chu Editing by David Goodman

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