Petronas reacts to ‘challenging’ market

摘要

Malaysian state-owned energy firm Petronas’ profit more than halved last year. The firm has outlined plans to cut spending by 50bn ringgit ($12bn) over the next four years. Profit fell by 56pc to 20.8bn ringgit in 2015, while its fourth-quarter loss narrowed to 2.96bn ringgit, compared with 7.28bn ringgit a year earlier. But the company will maintain its commitment to pay 16bn ringgit in dividends to the government this year, it says - this would be down by 40pc from 2015.