Petronas Chemicals Q1 earnings up 8.4% to RM1.1b


KUALA LUMPUR: Petronas Chemicals Group Bhd's (PetChem) rose 8.4% to RM1.105bil from RM1.019bil a year ago underpinned by strong operational performance amidst improved market conditions.

It said on Monday its revenue rose 1.5% to RM4.455bil from RM4.389bil a year ago backed by higher product prices. Earnings per share were higher at 14 sen versus 13 sen a year ago.

"Operational performance continued to be strong on the back of improved gas supply for the methanol facilities, which mitigated higher maintenance activities undertaken in the quarter," it said.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) rose 10% to RM 1.8bil whilst EBITDA margins strengthened to 40%.

"The group recorded better operational performance with higher feedstock availability. However, sales volumes declined slightly following the cessation of the group's domestic vinyl operations during the current quarter," it said.

Petronas Chemicals said the group's operations were expected to be primarily influenced by fluctuations in international petrochemical products prices, global economic conditions and utilisation rate of its production facilities.

"Subject to sufficient availability of feedstock, we expect that the results of our operations for the financial year ending Dec 31, 2013 to be satisfactory," it said.

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