March 2, 2018 / 5:17 AM / in 10 months

Malaysia's Petronas posts 61 percent growth in quarterly profit

FILE PHOTO: The Petronas logo is seen at one of its petrol outlets in Putrajaya outside Kuala Lumpur December 8, 2012. REUTERS/Bazuki Muhammad/File Photo

KUALA LUMPUR (Reuters) - Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, reported a 61 percent rise in fourth-quarter profit on Friday, helped by higher oil prices and lower costs.

Net profit for the quarter ended December rose to 18.2 billion ringgit ($4.65 billion) from 11.3 billion ringgit in the same quarter last year.

Revenue rose 13.8 percent to 61.8 billion ringgit.

“Subject to sustainability of (oil) price recovery, the group expects to deliver a satisfactory performance in the next financial year,” Petronas said in a statement.

Chief Executive Wan Zulkiflee Wan Ariffin said the sustainability of current oil prices remains to be seen, although the company pledged a higher dividend payout and increased capital expenditure for 2018.

Wan Zulkiflee said Petronas is committed to pay a dividend of 19 billion ringgit this year to its sole shareholder, the Malaysian government, up from 16 billion ringgit last year.

The company also plans capital expenditure of around 55 billion ringgit, higher than last year’s 44.5 billion ringgit.

($1 = 3.9140 ringgit)

Reporting by A. Ananthalakshmi and Emily Chow; editing by Richard Pullin

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