PetChem posts higher net profit


KUALA LUMPUR: Petronas Chemicals Group Bhd (Petchem) net profit for the first quarter ended March 31 grew to RM1.1bil from RM1.02bil a year ago driven by improved product spread.

Earnings per share for the quarter stood at 14 sen against 13 sen in the corresponding period last year, PetChem said in a statement.

In line with the growth, Petchem earnings before interest, tax, depreciation and ammortisation (EBITDA) rose by 10% to RM1.8bil while EBITDA margins strengthened to 40%.

The group registered a 2% increase in revenue at RM4.5bil supported by slightly higher product prices.

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.

The first quarter this year saw more favourable market conditions for the petrochemical industry with firmer product prices, supported by cost-push factors and tight supply.

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Business , Petronas Chemicals

   

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