Petronas Chemicals records RM1.02b net profit in Q1

KUALA LUMPUR: Petronas Chemicals Bhd posted net profit of RM1.019bil in the first quarter ended March 31, 2012, down 7.5% from the RM1.214bil a year ago.
It
said on Monday the on-year decline was due to lower contribution from
its associate and jointly controlled entity due to lower production and
full utilisation of tax benefits in one of the associate companies.
"Group
revenue was RM4.389bil, marginally higher by RM39mil or 1%. Both sales
volume and prices were comparable against the corresponding quarter,"
it said. Earnings per share were 13 sen. PetChem said that earnings
before interest, tax, depreciation and amortisation (EBITDA) was higher
by RM115mil or 8%.
Commenting on the results, it said the group
recorded improved operational performance this quarter with higher
production and plant utilisation achieved in both segments.
"Whilst
the corresponding quarter had higher level of plant maintenance
activities which led to lower production, sales volume was maintained
through trading activities," it said.
Elaborating on its
results, it said the market for olefins and derivatives products was
subdued this quarter compared to the corresponding quarter.
PetChem
said overall, revenue was comparable at RM3.2bil with slightly lower
realised prices in tandem with market, negated by marginally higher
sales volume.
However, profit for the quarter fell by RM319mil
or 28% at RM820mil on higher tax expense and lower share of profit from
associates. EBITDA decreased by RM58mil at RM1.2bil.
On the
fertilisers and methanol business, it said the segment chalked up
higher plant utilisation and production with improved plant performance.
"Coupled
with higher prices, the segment recorded revenue growth of 11% at
RM1.2bil. With improved spreads, profit for the period doubled at
RM319mil. Similarly, EBITDA improved by 59% at RM500mil," it said.