(MENAFN) Malaysian state energy firm Petronas announced posting a drop of its third-quarter profits of 12.3 percent on a slumping oil prices and loss on foreign exchange, Arab News reported.
Petronas, the source of about half of Malaysia's budget revenue, said net profit for the three months ending September stood at USD4.50 billion, down from USD5.08 billion for the same quarter last year.
Meanwhile, revenue for the quarter dipped by 1.3 percent to USD23.76 billion from USD24.06 billion registered in the same period last year, the company said in a statement.
Chief Executive was quoted by Dow Jones news wire as saying that Petronas is reviewing its spending plan and may cut up to 20 percent of its capital expenditure next year.
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