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KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) today reported an after-tax group loss of RM21 billion for the fiscal year ended December 31, 2020 (FY20).
It said this was due to net impairment losses totaling RM31.5 billion, its highest so far, compared to an after-tax gain of RM40.5 billion in 2019.
Excluding the impairment, the national oil company posted an after-tax profit of RM10.5 billion for the year, a decrease of 78% compared to RM48.8 billion a year earlier, in line with lower earned revenue, partially compensated by the lower group. Costs incurred.
“I want to emphasize that impairment is not cash flow.
“In line with the rest of the industry, we have had to make this provision because the book value of our assets has been shockingly affected by the events of the past year and the very depressed outlook for oil and gas prices. “said the president and group leader. Executive Director Tengku Muhammad Taufik Tengku Aziz said today at a virtual press conference.
Petronas’ revenue fell to RM178.7 billion against RM240.3 billion in the previous financial year.
This was due in large part to the effects of falling oil prices that saw lower average realized prices for all products, along with the disruption in demand that resulted in lower sales volume of processed gas, gas by-products. petroleum and liquefied natural gas (LNG).
