November 4, 2015, Wednesday
Petronas Dagangan said in a filing on Bursa Malaysia that group operating profit for the period ended September 30, 2015 was RM963.8 million, an increase of RM251.6 million compared to the corresponding period last year mainly as a result of lower operating expenditure (opex) by RM123 million, higher other income by RM75.2 million and higher gross profit of RM53.4 million.
According to AllianceDBS Research Sdn Bhd (AllianceDBS Research), Petronas Dagangan booked net profit of RM219 millon in the third quarter of 2015 (3Q15), taking 9M15 net profit to RM697.9 million.
This beat expectations at 96 per cent of the research house’s full year forecasts, and 90 per cent of consensus.
Excluding the non-core items, Petronas Dagangan’s normalised cumulative 9M15 earnings of RM623.6 million exceeded the research arm of MIDF Amanah Invesment Bank Bhd’s (MIDF Research) full year earnings expectation by a variance of more than +10 per cent.
“Management guided that the commendable earnings were due to aggressive cost control efforts,” it said.
AllianceDBS Research noted that given the challenging operating environment, Petronas Dagangan has moderated the group’ expansion to 20 to 30 stations per annum (from 50 per annum).
The research house further noted that Petronas Dagangan also has undertaken various measures to keep opex at RM320-350 million per quarter, leading to a 16 per cent year on year (y-o-y) decline in opex in the first half of 2015 (1H15).
Read more: http://www.theborneopost.com/2015/11/04/petronas-dagangans-9m15-earnings-beats-expectations/#ixzz3qwTMYKMG
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