Petronas First-Quarter Profit Plunges on Oil Price Slump
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Petroliam Nasional Bhd., Malaysia’s state oil company, posted a 43 percent decline in first-quarter profit after a plunge in crude oil prices.
Net income dropped to 9.3 billion ringgit ($2.6 billion) in the three months through March 31, compared with 16.2 billion ringgit a year ago, the company said in a statement today. Revenue fell 21 percent to 66.2 billion ringgit, as lower oil prices offset an increase in production.