Malaysian national oil firm Petronas' first quarter profit totaled about $3.25 billion, an increase of 26 percent compared to same period of 2017, the company said on Wednesday.
The company said, 'the increase came after the company's operational excellence and a recovery in commodity prices.'
The Petronas group's revenue rose by RM1.4 billion ($350 million) to RM57.9 billion ($14.50 billion) from RM56.5 billion ($14.15 billion) in the first quarter last year.
'The increase was mainly due to higher average realized prices recorded across all products, largely offset by the effect of the strengthening of the Ringgit against the U.S. dollar exchange rate,' the statement read.
First quarter profit totaled RM13.0 billion ($3.25 billion), and increased by 26 percent on the back of higher revenue and net write-back on impairment.
Cash flow from operations rose to RM21.9 billion ($5.48 billion), an increase of 22 percent from RM18.0 billion ($4.51 billion) in the same quarter last year, the company said.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr