KUALA LUMPUR, Feb 24 — Petronas Chemicals Group Bhd’s share price was traded higher today amid a solid set of 2015 financial results.
At 9.49am, it rose 20 sen to RM7.90 with 76,600 shares traded.
Yesterday, the group in a filing to Bursa Malaysia announced that it chalked up RM3.83 billion in pre-tax profit for its financial year ended in 2015 as compared with RM3.55 billion registered in 2014.
Revenue for the year ended Dec 31, 2015, however, was down seven per cent to RM13.53 billion as compared with RM14.59 billion posted the year before.
The decline in revenue was due to lower average product prices, offset by the impact of favourable exchange rate movement and higher sales volumes.
Affin Hwang Capital in its research note stated that it is maintaining its 12-month target price of RM5.30 pending an analyst briefing later today. — Bernama
