On Lower Revenue, Petronas Dagangan Falls to the Red

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Operator of petrol stations Petronas Dagangan Bhd fell into the red

Operator of petrol stations Petronas Dagangan Bhd fell into the red in the first quarter of 2020, reporting a net loss of RM29.42 million compared to a net profit of RM291.20 million a year before.

“The group faced difficult market conditions towards the end of the first quarter stemming from the global effects of the Covid-19 pandemic as well as local movement control order constraints,” the firm said.

Revenue decreased to RM6.55bn compared to RM7.81bn in the same period last year, the company said today in its quarterly results filing with Bursa Malaysia.

It said the RM1.25 billion fall in group revenue was caused by a 4 per cent decline in overall sales volume in both retail and commercial segments and a 3 per cent decline in average selling prices.

The loss was largely due to lower gross margin, reduced sales volume and higher operating expenses related to the expenses of professional services and depreciation.

The board has declared an interim dividend of RM49.67 million of five sen per share, down from an interim dividend of RM149.02 million of 15 sen per share in the same quarter last year.

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