Malaysia's PCG Q2 net profit up 14% on better product spreads

22 August 2013 11:21  [Source: ICIS news]

SINGAPORE (ICIS)-Malaysia’s PETRONAS Chemicals Group (PCG) said on Thursday its second-quarter net profit rose by 14% year on year to ringgit (M$) 1.1bn ($333m) on the back of higher product spreads.

Its June-quarter revenue slipped by 1% year on year to M$3.9bn, weighed by lower product prices at its fertilisers and methanol businesses, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 12% at M$1.6bn, the company said in a statement.

For the six months ending 30 June this year, PCG’s net profit rose by 12% year on year to M$2.3bn, while sales grew by 1% to M$8.3bn, it said.

“Product prices remained firm, supported by limited supply availabilities and cost-push factors [in the first half of 2013],” the company said.

“Product spreads also improved with lower feedstock costs. This trend was particularly evident during the first quarter of the year with slight softening seen moving into the second quarter, albeit still better compared to the second quarter of last year,” it added.

($1 = M$3.3)

By: Nurluqman Suratman

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