Petronas 1Q'16 Report Card
Kong Ho Meng, Senior Analyst, UOB KayHian
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Petronas group profits declined 36% y.o.y to RM7 bill with both its upstream and downstream divisions reporting a 71% and 42% decrease respectively. Cashflows could also be strained and may be insufficient to cover 2015 capex and an upcoming dividend obligation of RM16 bill to the government. Despite a recovery in crude-oil prices, further capex cuts are still expected and will be a recurring theme in the sector.
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