The national oil company said in a statement issued on yesterday profit after tax rose 64 per cent to 10 billion ringgit from 6.10 billion, underpinned by improved performances of its upstream and downstream businesses.

“In light of modest recovery in oil price and the continued drive for efficiency improvement, Petronas expects the group’s overall year-end performance to be better than last year. This would be supported by recovering commodity prices, stronger margins as well as its on-going group-wide transformation initiatives,” it said.

Petronas’ revenue increased by 14 per cent to 53.7 billion ringgit due to higher average realised prices for major products and impact of foreign exchange rate.

Commenting on the higher profits, Petronas said it benefited from higher revenue in addition to lower net impairment on assets and well costs. This was partially offset by higher tax expenses, product costs and amortisation of oil and gas properties.