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Malaysia’s Petronas announces financial results for Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/05/2016 (14:56)
According to media reports, Petronas Chemicals Group Bhd (PetChem) posted a slight decline in net profit for the first quarter. The company posted a MYR592 million ($146.9 million) net profit in the first quarter. The company’s revenue remained unchanged at MYR3.147 billion on the back of higher sales volumes and a stronger US dollar, offsetting lower average product prices stemming from a decline in crude oil prices and weaker demand.

The company reported that operating rates at its olefins and derivatives segment rose to 97% compared to 95% in the same quarter of last year. Stronger operating rates were attributed to higher ethane and naphtha production, which offset the impact of statutory turnarounds at its propylene plant during the quarter.
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