KUALA LUMPUR: Petronas Chemicals Group Bhd’s net profit registered at RM913 million in the third quarter ended Sept 30, 2017, from RM891 million in the same period a year ago.

Its profit before tax (PBT) however declined to RM1.116 billion in the third quarter ended Sept 30, 2017 from RM1.258 billion the previous year.

Group’s revenue increased RM449 million or 13 per cent to RM4 billion, primarily driven by higher prices and the strengthening US dollar, as well as higher sales volumes, Petronas Chemicals said in a filing to Bursa Malaysia.

Overall average product prices improved in tandem with higher crude oil prices.

For the nine months ended Sept 30, 2017, profit before tax increased to RM3.914 billion from RM2.937 billion in the same period last year.

The company paid a second interim single-tier dividend of 12 sen per ordinary share, amounting to RM960 million in respect of the financial year ended Dec 31, 2016, to shareholders on March 7, 2017.

A first interim single-tier dividend of 12 sen per ordinary share, amounting to RM960 million in respect of the financial year ended Dec 31, 2017, was paid to shareholders on Sept 8, 2017.

The group foresees the olefins and derivatives market to be stable in the near term, drawing support from higher feedstock prices, partially negated by seasonal low demand in China.

The fertilisers and methanol segment is expected to be firm, supported by demand from the agriculture sector and the unavailability of supply from the Middle East.

Methanol prices are expected to stabilise owing to regional supply shortage alongside stable downstream demand. – BERNAMA

 

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