Lower revenue pullsdown PetChem Q1 profit

TheStar Sat, May 25, 2019 09:10am - 4 years View Original


KUALA LUMPUR: Petronas Chemicals Group Bhd ’s (PetChem) net profit fell by 24.7% in the first quarter ended March 31, 2019 due to lower revenue and higher operating expenditure.

It announced in a statement yesterday its net profit fell to RM802mil from RM1.065bil a year ago. Its revenue declined by 16.5% to RM4.13bil from RM4.95bil largely due to lower product prices and sales volumes, partially offset by the weakening of the ringgit against the US dollar.

Earnings per share were lower at 10 sen compared with 13 sen a year ago.

PetChem said it recorded lower plant utilisation of 95% as compared to 100% a year ago, mainly due to higher level of maintenance and statutory turnaround activities at its methanol and aromatics plants respectively. Sales volumes were lower in line with lower production.

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