PetChem earnings drop on low prices, volumes

  • Business
  • Wednesday, 28 Nov 2012

PETALING JAYA: Petronas Chemicals Group Bhd’s (PetChem) third-quarter net profit for the period ended 30 Sept declined 38.3% to RM742mil, with revenue dropping to RM3.94bil from RM4.64bil.

The company said the drop in revenue was due to both lower prices and volumes, adding that operationally, its plant’s performance had improved.

“However, production was constrained by feedstock limitation for the olefins and derivatives segment, and higher level of plant maintenance activities for the fertilisers and methanol segment,” it told Bursa Malaysia. Earnings before interest, taxes, depreciation and amortisation declined by RM649mil or 34% to RM1.2bil.

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