Though the company increased its FY 08/09 revenue compared to the previous year, the company encountered significant challenges to operating costs which resulted in lower earnings. The onset of the global financial crisis since Q4 2008 resulted in higher fuel costs and the provision for fuel inventory at lower costs, which increased the company's overall costs. The good performance by PetroSeraya, the oil trading arm of PowerSeraya, doubled their earnings from the previous year and contributed significantly to overall earnings of the company. Concurrently, the prudent risk management of the company helped to limit the company's exposure to oil price volatility as well as credit risks that arose from the global financial crisis. These factors helped to stretch the earnings of the company during these challenging times.
As the company continues on its path to be a leading integrated energy company, it aims to increase existing revenue streams and develop new ones for the long-term sustainable growth of the company. The continued economic success of the company is vital not only for the survival of the company. It translates to job creation for employees that can in turn deliver positive impact to people's livelihoods and society. It also enables us to continue investing in sustainable development initiatives that would deliver environmental and social benefits for the community now and into the future.