Something to chew on while watching the Debate tonight between Anwar Ibrahim and Ahmad Shabery Cheek. Try not to miss it. It will begin after ‘isya and telecast live via Bernama TV, Astro Awani, and TV9.
Although I have this funny feeling that the debate may not go through as hyped. Pardon skeptic me.
By Jane Lee
July 15 (Bloomberg) — Petroliam Nasional Bhd., Malaysia’s state oil company, said annual profit jumped to a record because of higher crude, petrochemical and liquefied natural gas prices.
Net income in the year ended March 31 climbed 31 percent to 61 billion ringgit ($19 billion) from 46.4 billion ringgit a year earlier, Petronas, as the company is known, said in a statement in Kuala Lumpur today. Revenue gained 21 percent to 223.1 billion ringgit.
Oil prices in New York almost doubled in the past year, reaching a record $147.27 a barrel on July 11, as a weaker dollar increased the appeal of commodities as a hedge. Petronas has operations in more than 33 countries including Iran, Sudan, Myanmar, Vietnam and South Africa.
“There have been supply concerns and supply shortages,” Chief Executive Officer Hassan Marican told reporters today. Still, “demand is very strong and continues to be very strong.”
Petronas will pay the Malaysian government a special dividend of 6 billion ringgit for the year ended March 31, bringing its total dividend for the period to 30 billion ringgit, the company said. That compares with 20 billion ringgit a year earlier.
To contact the reporters on this story: Jane Lee in Kuala Lumpur at email@example.com;
Last Updated: July 15, 2008 00:20 EDT
July 15, 2008 12:27 PM
KUALA LUMPUR, July 15 (Bernama) — The Petronas Group delivered another record performance for the financial year ended March 31, 2008, registering a 21.2 percent increased in revenue to RM223.1 billion from RM184.1 billion in 2007, amidst a more complex and increasingly challenging global oil and gas industry environment.
In annual report released Tuesday, the group said its pre-tax profit increased to RM95.5 billion, up 25.2 percent from RM76.3 billion previously, while net profit increased to RM61 billion or 31.5 percent from RM46.4 billion.
Total assets surged to RM339.3 billion or 15.2 percent from RM294.6 billion last year. Shareholders fund improved to RM201 billion from RM170.9 billion, an increased of 17.6 percent.
The biggest contributor to Petronas’ revenue was from its international operations which constituted 40.3 percent of the group’s earnings.
Export and domestic operations contributed 38.9 percent and 20.8 percent respectively.
The international operation posted RM90 billion in revenue, an increase of 33.1 percent from RM67.6 billion from the previous year, while exports stood at RM86.8 billion from RM73.4 billion, while domestic RM46.3 billion from RM43.1 percent.
From Business Times Online:
Full-year net profit rose to RM61 billion, a 31 per cent surge from a year ago, thanks to higher crude, petrochemical and liquefied natural gas prices
PETROLIAM Nasional Bhd, Malaysia’s state oil company, said full-year profit jumped to a record because of higher crude, petrochemical and liquefied natural gas prices.
Net income in the year ended March 31 2008 climbed 31 per cent to RM61 billion (US$19 billion) from RM46.4 billion a year earlier, Petronas, as the company is known, said in a statement in Kuala Lumpur today.
Revenue gained to RM223.1 billion from RM184.1 billion.
Oil prices in New York almost doubled in the past year, reaching a record US$147.27 a barrel on July 11, as a weaker dollar increased the appeal of commodities as a hedge.
Petronas has operations in more than 33 countries including Iran, Sudan, Myanmar, Vietnam and South Africa.
“There have been supply concerns and supply shortages,” chief executive officer Tan Sri Hassan Marican told reporters today. Still, “demand is very strong and continues to be very strong.”
Petronas will pay the Malaysian government a special dividend of RM6 billion for the year ended March 31, bringing its total dividend for the period to RM30 billion, the company said. That compares with RM20 billion a year earlier.
In annual report released today, the group said its pre-tax profit increased to RM95.5 billion, up 25.2 per cent from RM76.3 billion previously.
Total assets surged to RM339.3 billion or 15.2 per cent from RM294.6 billion last year.
Shareholders fund improved to RM201 billion from RM170.9 billion, an increased of 17.6 per cent.
The biggest contributor to Petronas’ revenue was from its international operations which constituted 40.3 per cent of the group’s earnings.
Export and domestic operations contributed 38.9 per cent and 20.8 per cent, respectively.
The international operation posted RM90 billion in revenue, an increase of 33.1 per cent from RM67.6 billion from the previous year, while exports stood at RM86.8 billion from RM73.4 billion, while domestic RM46.3 billion from RM43.1 per cent. – Bloomberg, Bernama
From The Star Online:
Tuesday July 15, 2008 MYT 1:33:52 PM
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) Group posted a record profit of RM61bil for the financial year ended March 31, 2008, which was a 31.5% increase from RM46.4bil a year ago.
Petronas president and chief executive officer Tan Sri Hassan Merican said Tuesday the national oil corporation also decided to pay out a special dividend of RM6bil to the Federal Government.
“The dividend will be paid out this calendar year,” he said, adding that Petronas still has sufficient cashflow from its operations for its own capital expenditure.
Announcing a strong set of results, Hassan said in terms of US dollar, Petronas Group’s net profit for the financial year ended March 31, 2008 rose 40.3% to RM18.1bil from US$12.9bil a year ago due to the stronger ringgit.
Petronas Group’s revenue rose 21.2% to RM223.1bil from RM184.1bil. In US dollars terms, revenue rose 29.8% to RM66.2bil from RM51bil.
Its total assets rose 15.2% to RM339.3bil from RM294.6bil while shareholders’ funds rose 17.6% to RM201bil from RM170.9bil.
Elaborating on the higher net profit for the group, he said apart from the group’s ability to contain costs, this achievement was also largely due to the improved operational efficiency and higher plant reliability achieved across the group’s businesses.
“The higher profit has enabled Petronas to provide higher payment to governments. For the year, Petronas Group paid out RM67.6bil to governments, bringing the group’s total payments to governments to RM403.3bil since its incorporation in 1974,” he said.
Of the RM67.6bil payment for the year, he said RM62.8bil was paid to the Federal Government comprising RM30bil dividend which included a RM6bil special dividend, RM20.6bil in the form of petroleum income tax, RM5.4bil in corporate income tax, RM2.1bil in export duties and RM4.7bil of royalty payment.
He said a total of RM4.8bil was paid as royalty payments to the state governments of Terengganu, Sarawak and Sabah.
“Petronas Group’s payment to the Federal Government for the year represents 44% of the Federal Government’s revenue,” he said.
Hassan also said the RM67.6bil total payment to governments for the year represented 63.1% of the Petronas Group profits for the same period.
He added that Petronas Group retained only 29.2% of its profits during the year for reinvestments and the balance 7.7% was used to pay foreign taxes and minority interests.
“The reinvestment is necessary to ensure the group’s sustainable operations and growth in order to be able to continue to generate value for its stakeholders,” he added.
He also said higher prices during the year also resulted in Petronas incurring a higher subsidy to the nation’s gas sector.
And while we are at it, this is also from Bernama yesterday:
July 14, 2008 22:37 PM
KUALA LUMPUR, July 14 (Bernama) — The fuel subsidy including cash rebate paid to vehicle owners for the first six months amounted RM10.25 billion, higher than the RM8.77 billion subsidy for the whole of last year, Dewan Rakyat was told Monday.
Domestic Trade and Consumer Affairs Minister Datuk Shahrir Samad said of the amount, RM4.006 billion was for petrol, RM5.056 billion for diesel and RM1.1188 billion for liquefied petroleum gas (LPG).
“This is because of the steep oil price hike globally. With the oil price expected to reach USD140 per barrel, the government subsidy will reach RM30 billion annually,” he said when winding up debate on the Mid-Term Review of the Ninth Malaysia Plan.
To a question by Datuk Ibrahim Ali (Independent-Pasir Mas) who feared that the oil price debate between Parti Keadilan Rakyat (PKR) adviser Datuk Seri Anwar Ibrahim and Information Minister Datuk Ahmad Shabery Cheek would cause more confusion, Shahrir said it was something good.
He said unlike debates in university, it would be structured with a chairman and question and answer session from members of the media.
“This does not mean that they can take advantage by creating confusion. It will be properly done so that the audience will benefit.”
Shahrir was confident that Shabery would be able to explain the issue based on facts and allayed fear that Anwar would use the platform to attack the government.
The minister said he would also be attending the debate to be held at the Dewan Bahasa dan Pustaka building here Tuesday.
On the use of NGV, the minister said it was the government policy to encourage public transport to switch to the alternative fuel to save cost.
He said like petrol and diesel, the price of NGV would not be increased until year end although its price was supposed to be half of that for petrol.
Please remember that we have been told to do this:
PUTRAJAYA, May 5 (Bernama) — Consumers must change their lifestyle by being prudent and spending within their means at a time when the world is facing food supply shortage, Datuk Seri Abdullah Ahmad Badawi said Monday.
The prime minister advised them to avoid food wastage, especially when hosting feasts, serving guests with excessive food.
They should also play a role to help law enforcers to monitor prices of goods, he said.
The public should report to enforcement agencies if they had information on smuggling, hoarding and cheating of prices, he said when addressing staff of the Prime Minister’s Department at the monthly assembly.
Abdullah said people having land are encouraged to plant vegetables and fruits.
Abdullah said these efforts may be seen as trivial but it would have a major positive impact if all consumers changed their lifestyle.
He said the government had taken appropriate measures to mitigate the food supply shortage problem by making available a RM4 billion allocation to ensure adequate food supply for the people.
The allocation had already been given to the ministry and the department concerned to help boost the nation’s food production, said Abdullah, who is also Finance Minister.
The government had also set up a rice stockpile while a bigger stockpile to meet the food demand is being initiated, he said.
“Though prices of goods in the country have gone up but they are still relatively low when compared to prices in neighbouring countries and this had resulted in smuggling,” he said.
He described food smugglers as the “people’s traitors” for indulging in such activities when “our own people are facing food supply shortage.”