29 August 2012 04:37 [Source: ICIS news]
SINGAPORE (ICIS)--PETRONAS Chemicals Group’s (PCG) net profit rose by 8% year on year to ringgit (M$) 855m ($274m) in the second quarter of this year, on the back of increased sales, the Malaysian producer said late on Tuesday.
The increase in sales was boosted by higher plant utilisation rates and production, the producer said.
The company’s revenue was up by 16% year on year at M$3.9bn in April-June 2012, while its operating profit rose by 13% to M$1.18bn, the company said in a statement.
For the first half of this year, PCG’s net profit was up by 5.5% year on year at M$1.87bn, as sales increased by 7.67% to M$8.29bn, it said.
The company said that the global economic uncertainty is expected to continue to affect the demand and prices for its olefins and derivatives products, but cyclical restocking in line with seasonal demand towards the latter part of 2012 may gain momentum and lend support to petrochemical demand in the region.
Meanwhile, methanol demand is expected to remain healthy in the latter half of this year with increased usage in both the chemical and energy sectors in northeast ?xml:namespace>
“Moving forward, the results of our operations are expected to be primarily influenced by fluctuations in international petrochemical products prices, global economic conditions and utilisation rate of our production facilities,” the company said.
“Subject to sufficient availability of methane gas supply, we expect the results of our operations for the financial year ending 31 December 2012 to be satisfactory,” it added.
($1 = M$3.12)
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