Esso Malaysia Bhd's pre-tax profit surged to RM215 million in the first quarter ended March 2011 from RM84.6 million in the same period last year.
In a filing to Bursa Malaysia today, the company said its revenue rose to RM2.6 billion from RM2 billion previously, reflecting higher average product prices and increased retail volume.
Esso Malaysia said net profit increased to RM155 million from RM61 million previously, mainly driven by inventory holding gains caused by the significant increase in crude and product prices.
Recognising the potential earnings volatility, Esso Malaysia said it will continue to focus on sustaining flawless operations, cost control and product and service quality, while sustaining its competitive position. - Bernama
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