Petronas Chemicals Q3 net profit climbs to RM1.3b

Petronas Chemicals Group Bhd says its operation results have a high correlation to crude oil prices.  — Picture by Azinuddin Ghazali
Petronas Chemicals Group Bhd says its operation results have a high correlation to crude oil prices. — Picture by Azinuddin Ghazali

KUALA LUMPUR, Nov 16 — Petronas Chemicals Group Bhd’s net profit for the third quarter (Q3) ended September 30, 2018, rose to RM1.3 billion from RM913 million in the same quarter last year.

Revenue increased by RM817 million or 20 per cent to RM4.8 billion from RM4.0 billion previously, on the back of higher product prices, partially offset by lower sales volume and the strengthening of the ringgit against the US dollar, it said in a filing with Bursa Malaysia today.

On prospects, the group said its operation results were expected to be primarily influenced by global economic conditions, foreign exchange rate movements, utilisation rate of our production facilities and petrochemical products prices which have a high correlation to crude oil prices, particularly for the Olefins and Derivatives segment.

“The utilisation of our production facilities is dependent on plant maintenance activities and sufficient availability of feedstock as well as utilities supply.

“The group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark,” it said. — Bernama

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