KUALA LUMPUR: CIMB Equities Research said Petronas Chemicals’ second quarter (2Q14) core net profit was 4% and 3% below its and consensus forecasts, respectively but it expects PetChem’s earnings to improve from the second half.
It said on Tuesday the first factor was due to the sharp drop in the production of its gas-based, high-margin olefins and derivative products due to the major turnaround for the ethane cracker and derivatives plants, leading to a drop in utilisation from 97% in 1Q14 to only 65% in 2Q14.
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