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Increase in crude prices to squeeze Esso's profit, BUSINESS TIMES
Business Times (Malaysia), May, 2002 by Zety Fazilah Baharuddin
Business Times (Malaysia) 05-24-2002 THE increase in crude oil prices and cost of production will squeeze Esso Malaysia Bhd's profit margin for the current financial year ending December 31 2002. The company, which posted an impressive performance in the 2001 financial year, also expects its margin for the first quarter this year to be squeezed but declined to disclose the percentage.
"The price changes everyday and it is quite difficult to determine the percentage, but we should feel the pinch if the situation continues until end of the year," chairman and chief executive officer Richard M Kruger said after the company's annual general meeting in Kuala Lumpur yesterday. Esso Malaysia, according to Kruger, will be announcing its first quarter result...
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