PETRONAS is braced for a challenging year ahead as the Malaysia state giant saw profit slump in the first quarter as the Covid-19 pandemic hammered global oil demand. The company has not ruled out making further spending cuts but has spied a potential slight economic uptick after July. After-tax profits for the three months ended 31 March were 4.5 billion ringgit ($1.31 billion), down 68% year-on-year, on revenues of 59.6 billion ringgit, Petronas said late last week.
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