Drop in profit attributed to lower earnings, and contributions from joint ventures and associates.
For the first half ended June 30, Petronas Chemicals Group’s net profit plummeted 70.63% to RM1.16 billion from RM3.95 billion in the previous year.
Quarterly revenue climbed to RM7.11 billion, surpassing last year’s RM6.58 billion on higher sales volumes and incorporation of earnings from a recently acquired subsidiary, it said in a filing with Bursa Malaysia today. For the six months ended June 30, net profit plummeted 70.63% to RM1.16 billion from RM3.95 billion in the previous year despite higher revenue of RM14.67 billion from RM13.22 billion.Moving forward, the group stated its operational results will be mainly influenced by global economic conditions and pricing of petrochemical products, with a strong correlation to crude oil prices, particularly impacting 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.
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