KUALA LUMPUR, May 22 — Shares of Petronas Chemicals Group on Bursa Malaysia were lower in the early session today, after the group reported lower earnings of RM1.07 billion for the first quarter financial result ended March 31, 2018.

As at 11.12am, the heavyweight counter declined by 16 sen to RM8.56, contributing -2.29 points for the composite index, with 1.32 million shares changing hands.

In a filing to Bursa Malaysia yesterday, Petronas Chemicals said the lower earnings was due to the strengthening of the ringgit against the US dollar and a forex loss on loans.

Revenue, however, rose 5.4 per cent to RM4.95 billion from RM4.7 billion a year ago, with production and sales volume rising, mainly from urea production at Petronas Chemicals Fertiliser Sabah SB (formerly Project Samur) which started commercial operations in May 2017. — Bernama