Friday, August 26, 2011

PETRONAS Chemicals reaps RM1bil in profit

KUALA LUMPUR: PETRONAS Chemicals Group Bhd (PCG) recorded a pre-tax profit of RM1.058 billion on a revenue of RM3.345 billion for the three-month period ended June 30, 2011.
The company which has changed its financial year end period to December 31, beginning this April, said overall profit for the period grew to RM814 million, rising 12 per cent year-on-year.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) rose 14 per cent year-on-year to RM1.24 billion in the current quarter from RM1.09 billion.
The group attributed its higher performance primarily to strong prices across most petrochemical products, but added that the impact was partially offset by a stronger Ringgit against US dollar.
During the quarter, methane gas supply limitation affected the production in the fertilisers and methanol business segment, it said in a statement today.
On the other hand, the supply of ethane and propane was unaffected and continued to support the operations of the olefins and derivatives segment, a key contributor to group revenue, it added.
However, as the group had undertaken maintenance activities during the quarter, production volume declined inevitably, PCG said.
Nonetheless, higher product prices and lower feedstock costs lifted the group's operating profit by RM114 million or 13 per cent year-on-year to RM981 million, it added.
"Going forward, we remain highly focused on improving our plant utilisation rate. In addition, we are working diligently with our counterparts on feedstock to secure a reliable rate of gas supply to support our operations as we compete in a continuously challenging business environment," said Dr Abd Hapiz Abdullah, President/Chief Executive Officer of PCG.
During the quarter, a single tier final dividend of 19 sen per ordinary share, amounting to RM1.52 billion in respect of the financial year ended 31 March 2011, was paid to shareholders on August 25. - BERNAMA

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