KUALA LUMPUR: Petronas Chemicals Group Bhd's net profit declined to RM1.11 billion for the first quarter ended March 31, 2018 from RM1.38 billion in the same period last year.
Revenue, however, rose to RM4.95 billion from RM4.70 billion previously.
In a filing to Bursa Malaysia, Petronas Chemicals attributed the five per cent increase in revenue to higher sales volumes and product prices, while the 20 per cent lower net profit was due to the impact of foreign exchange loss on its shareholder loans pursuant to the divestment of a 50 per cent equity interest in a subsidiary.
“On prospects, we will continue with our operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark,” it added.