KUALA LUMPUR, Nov 23 — Petronas Dagangan Bhd’s net profit for the third quarter ended September 30, 2023, (3Q FY2023) slipped to RM184.72 million compared to RM275.97 million in the same period last year.

Revenue fell to RM9.92 billion from RM10.13 billion previously, due to the average selling price being lower by 7.0 per cent despite sales volume being higher by 6.0 per cent, the group said in a filing with Bursa Malaysia today.

Net profit was lower due to unfavourable price movements impacting Jet A1 fuel and diesel, and higher operating expenditure.

"This was, however, offset by other income sources in tandem with an increase in interest income,” it said.

For its nine-month period ended September 30, 2023, the group recorded a higher net profit of RM762.27 million versus RM632.14 million during the same period last year while revenue rose to RM27.47 billion from RM27.25 billion previously.

The higher revenue during the period was driven by sales volume which rose by 9.0 per cent, but which was offset by a 7.0 per cent decline in average selling price.

Higher margins from other sources contributed to the improved net profit.

"This was (however) negated by an increase in operating expenditure coupled with lower income (from other segments) following a gain on disposal of liquified petroleum gas (LPG) business in Sarawak in the corresponding period last year,” it said. — Bernama