Friday, 13 December 2019 | 05:56
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Petronas Chemicals Group 2Q Earnings Fell 22% on Year

Tuesday, 13 August 2019 | 16:00

Malaysia’s Petronas Chemicals Group Bhd. (5183.KU) said on Tuesday that its net profit in the second quarter fell 22% from a year earlier on lower revenue and higher tax expense.

The chemical-processing arm of Malaysia’s national oil company Petroliam Nasional Bhd., or Petronas, posted a net profit of 1.12 billion Malaysia ringgit ($266.6 million) in the April-June period, compared with MYR1.44 billion a year earlier, according to a filing. This beat a market estimate of MYR972.1 million by S&P Capital Market Intelligence.

Revenue declined 8.4% to MYR4.33 billion from MYR4.73 billion on lower product prices, falling crude oil prices and softer market demand, the company said. This trailed an estimate of MYR5.03 billion by S&P Capital Market Intelligence.

Petronas Chemicals expects the prices for olefin, fertilizer and methanol to stabilize next quarter. It says earnings could also be influenced by global economic conditions, movements of foreign exchange rates and utilization rate of its production facilities.

Shares of Petronas Chemicals ended 3.5% lower at MYR7.13 prior to the announcement.
Source: Dow Jones

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