KUALA LUMPUR, Sept 4 — Malaysian state-owned energy giant Petroliam Nasional Berhad said on Friday it would reshape its portfolio after swinging to a quarterly loss in the face of a coronavirus-related demand slump and lower oil prices.
Petronas, as the company is known, also warned that its full-year performance would be “severely affected” by volatile prices and a supply glut.
It reported a loss of RM21 billion ($5.06 billion) for the April-June period, compared with an RM14.7 billion profit for the same period last year.
Revenue fell 42% to RM34 billion.
Chief executive Tengku Muhammad Taufik Tengku Aziz said the company will now seek to expand its renewable energy portfolio, and reassess its oil and gas positions.
“Petronas has endured a very challenging first half of the year, and we expect our performance to be affected by the volatility of oil prices, which continues to be exacerbated by the uncertainties brought about by the ongoing Covid-19 pandemic,” he said.