Affun Hwang Research has downgraded the counter from a
PETALING JAYA: Petronas Chemicals Group Bhd
(PetChem) has reported lower earnings of RM1.065bil in its first quarter ended March 31, 2018 due to the strengthening of the ringgit against the US dollar and a foreign-exchange (forex) loss on its loans.
It said the earnings in the quarter fell 17.7% from RM1.295bil a year ago. Revenue, however, rose 5.4% to RM4.951bil from RM4.695bil a year ago. Earnings per share was at 13 sen compared with 16 sen previously.
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