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Malaysia’s Petronas’ net profit surges in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/08/2017 (13:44)
In a statement to Bursa Malaysia, Petronas Chemicals Group Bhd (PetChem) reported stronger financial results for the second quarter of this year. The company’s net profit surged 109% to RM964 million ($224.5 million) from RM462 million ($107.6 million) in the same period of last year.

Petronas’ revenues also climbed by 24% to RM3.96 billion ($922.7 million) in the April-June period from RM3.2 billion ($745.6 million) in the same period of 2016.

Higher sales volumes and prices as well as the stronger US dollar were cited as the main reason behind the visible increase in the company’s Q2 net profit. Petronas reportedly said that the start-up of commercial operations at its Sabah ammonia and urea (SAMUR) plant in May 2017 also contributed to the growth in the company’s production and sales volumes.
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