KUALA LUMPUR (Aug 27): Petron Malaysia Refining & Marketing Bhd (KL:PETRONM) remained in the red in the second quarter due to its reliance on imported products amid the shutdown of its Port Dickson refinery.

Net loss for the three months ended June 30, 2026 (2QFY2026) stood at RM34.48 million compared with a net profit of RM40.51 million in the same quarter a year earlier, according to the refiner’s bourse filing on Thursday.

Petron's second straight quarter in the red comes despite a 44.7% surge in revenue to RM4.72 billion from RM3.26 billion a year earlier, driven by higher oil prices.

However, the sudden drop in prices towards the end of the quarter while crude premium and other supply costs remained elevated, compressed its gross profit margin to a slim 0.09%, compared with 3.16% in 2QFY2025.

For the cumulative six months, net loss stood at RM69.52 million compared with a net profit of RM121.54 million in the same period a year earlier. Cumulative revenue was up 10.5% to RM7.66 billion from RM6.93 billion.

While margins remain under pressure, Petron said, it expects financial performance to improve as market conditions improve and all key operational challenges are addressed.

The group noted that while construction of the replacement jetty at its Port Dickson refinery is ongoing and on track for commissioning in the first quarter of 2027, the refinery was able to partially resume operations in 2QFY2026.

Meanwhile, on market conditions, oil price volatility is expected to linger in the near term given the uncertainties in West Asia, it said.

Petron did not declare an interim dividend for the quarter.

Shares of Petron ended unchanged at RM3.46, valuing the group at RM934.2 million.