27 May 2013 11:31 [Source: ICIS news]
SINGAPORE (ICIS)--PETRONAS Chemicals Group (PCG) reported on Monday a 10% year-on-year increase in its first-quarter net profit to Malaysian ringgit (M$) 1.2bn ($396m) on the back of improved product spreads.
Its revenue rose by 2% year on year to M$4.5bn in the first quarter of 2013, supported by “slightly higher product prices”, the Malaysia-based producer said in a statement.
PCG’s earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 10% at M$1.8bn in January-March this year, it added.
The company’s operational performance in the first quarter was strong amid improved gas supply for its methanol facilities, “which mitigated higher maintenance activities undertaken in the quarter”, PCG said.
“The first quarter of 2013 saw more favourable market conditions for the petrochemical industry with firmer product prices, supported by cost-push factors and tight supply,” the company said.
“Product spreads also strengthened as feedstock prices did not move in tandem with product prices,” it added.
($1 = M$3.03)
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