Quarterly Report For The Financial Period Ended 31 March 2018
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Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income For The First Quarter Ended 31 March 2018
Condensed Consolidated Statement Of Financial Position As At 31 March 2018
Financial review for current quarter and financial year
Revenue for the current quarter was marginally lower when compared against the preceding quarter. Although average market product prices recorded an increase from USD71 per barrel in Q4 2017 to USD76 per barrel in Q1 2018, this was offset by a 5% appreciation of RM against USD in the current quarter and a reduction in production volume by approximately 180,000 barrels.
Gross profit for the current quarter was comparatively lower than the average margin for the immediately preceding quarter, mainly due to lower market mogas cracks and unplanned downtime events related to mogas production units.
Higher operational expenditure in the preceding quarter was a result of higher spend on planned maintenance and non-recurring basic engineering design packages relating to regulation-driven projects. Included within the current quarter’s finance costs is an immediate charge of the remaining unamortised upfront fees following the refinancing of existing term loans with new banking facilities.
Current Year Prospects
Refining margins are expected to remain volatile in the near term based on published forward market prices and refining margins. Operational efficiency, safety performance, product quality, hydrocarbon hedging and financial risk management continue to remain as key areas of focus in optimising the Company’s performance.