Net profit fell by 22.3% to RM1.12bil from RM1.44bil a year ago largely due to lower product prices partially offset by higher sales volume and the weakening of the ringgit against US dollar.
PETALING JAYA: Lower crude oil prices, weaker demand and higher tax expenses eroded Petronas Chemicals Group Bhd
’s net profit and revenue in the second quarter ended June 30, 2019 but it expects product prices to stabilise in the coming quarter.
Announcing its results yesterday, it said net profit fell by 22.3% to RM1.12bil from RM1.44bil a year ago largely due to lower product prices partially offset by higher sales volume and the weakening of the ringgit against US dollar.
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