Update PCHEM Q2 net profit rises 12% yoy to RM958m

Update PCHEM Q2 net profit rises 12% yoy to RM958m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Thursday, 22 August 2013 18:52

KUALA LUMPUR (Aug 22): Petronas Chemicals Group Berhad recorded a net profit increase of 12% year-on-year (y-o-y) at RM958 million in the second quarter ended June 30, 2013 (2QFY13).

In a statement, the group attributed the increased net profit to higher product spreads.

But 2Q revenue shed 1% to RM3.9 billion from a year earlier, despite higher sales volume contributed by the Fertilisers and Methanol segment.

Cumulatively, 1HFY13 net profit climbed 10.1% y-o-y to RM2.1 billion from RM1.9 billion while revenue increased 0.5% to RM8.33 billion.

The group said the stronger operational performance was due to improved gas supply for its methanol facilities, amid higher levels of maintenance activities undertaken in the Olefins and Derivatives segment.

Looking forward, Petronas Chemicals sees fluctuations in international petrochemical products prices, global economic conditions and utilization rate of its production facilities.

Nevertheless, the group expects its operational performance to be "satisfactory" in the second half year ending Dec 31, 2013, subject to sufficient availability of feedstock.