Malaysia’s PETRONAS Chemicals’ Oct-Dec net profit down 17.2%

28 February 2012 06:44  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia’s PETRONAS Chemicals Group (PCG) said late on Monday its net profit for the three months ended 31 December 2011 decreased by 17.2% year on year as a result of lower contribution from the group’s share of profits from associates.

The firm’s net profit for the October-December period was Malaysian ringgit (M$) 826m ($275.3m), compared with a restated gain of M$998m in the corresponding period a year earlier, the company said in a stock exchange filing.

“This [decrease] follows lower contribution from our associates and jointly controlled entity as a result of lower production and full utilisation of tax benefits in one of the associate companies in the previous year,” it added.

PCG re-stated its year-on-year profit and revenue numbers for 2010 after shifting its financial year-end from 31 March to 31 December, it said.

Group revenue for the three months to the end of December 2011 increased by 0.23% year on year to M$3.9bn primarily driven by stronger prices, which offset lower sales volumes in the quarter, PCG said.

“The Group achieved higher production with improved plant utilisation driven by the fertiliser and methanol business segment,” it said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 9% to M$1.4bn, it added.

For the 9 months from April-December 2011, net profit rose by 26.7% to M$2.9bn, while revenue grew to M$11.9bn, from M$10.2bn, as compared to the same period the prior year, PCG said.

“Favourable market conditions led to higher prices by 29% which cushioned the impact of lower sales volume and exchange rate movements,” it added.

EBITDA for the nine months period increased by 40% to M$4.5bn, the firm said.

“The Group delivered improved financial performance, leveraging on our strong market position in Asia Pacific and favourable prices,” said Adb Hapiz Abdullah, the president and CEO of PCG.

PCG expects results of its operations for the next financial year ending 31 December 2012 to be satisfactory, subjected to sufficient availability of methane gas supply, it said.

($1 = M$3)

By: Samuel Wong

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