KUALA LUMPUR, February 25 - Esso Malaysia Berhad today announced the Company's fourth quarter and full year results for the year ended December 31, 2010 as follows:

The Company recorded an after tax profit of RM122 million for the fourth quarter of 2010, compared with the RM17 million loss recorded for the same quarter last year. For the full year, the Company recorded a profit of RM269 million compared to a profit of RM146 million recorded in 2009.

The improved financial performance for the fourth quarter and for the full year of 2010 was primarily driven by stronger operating margins as the increase in product prices outpaced the increase in crude cost. 

Revenues for the fourth quarter of 2010 were RM2.4 billion, compared with the RM2.3 billion recorded in the same quarter of 2009. Revenues for 2010 were RM8.4 billion, higher compared to the RM8.0 billion recorded in 2009. These trends were reflective of higher petroleum product prices in 2010.

In 2010, the Port Dickson Refinery safely executed a major planned turnaround, for equipment maintenance and to install facilities to improve operational efficiency and flexibility. The refinery and product terminals remained committed to high levels of operating performance, completing 14 years without any employee lost time injury. The Company continued to grow its local market sales with five new service stations opened during the year. The Company also successfully launched its new fuel quality campaign and introduced a co-brand credit and debit card programme with a local bank.

Business Outlook
The outlook for the Malaysian economy in 2011 remains positive, and demand for petroleum products is expected to be robust.  However, volatility in the crude price environment will continue to affect the industry. Recognising the potential for earnings volatility, the Company's focus shall remain on sustaining flawless operations, cost control and product and services quality, as well as strengthening its business position through continued emphasis on strategic investment.

Dividends for Financial Year 2010
The Board proposes a final dividend of 14 sen per share less Malaysian income tax at 25% per ordinary stock unit for the year ended December 31, 2010. The proposed final dividend will be presented for shareholder’s approval at the next Annual General Meeting.