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Malaysia’s Petronas reports stronger financial results for Q3

by ChemOrbis Editorial Team -
  • 03/11/2015 (14:56)
According to media reports, Malaysia’s Petronas reported stronger financial results for the third quarter of this year. The company cited higher sales volumes and increased plant utilization rates as well as favorable exchange rates, which offset the effect of lower average product prices and lower feedstock costs, particularly for naphtha, propane and butane, as the main drivers behind their stronger financial results in the third quarter.

The company’s earnings rose 38.5% to MYR916 million ($213 million) from MYR661 million ($154 million) in the same period of the previous year. Petronas also reported that their operating performance increased in the three months ending in September owing to higher plant operation rates, which rose to around 88% from 75% in third quarter of 2014.

In the first nine months of the year, meanwhile, Petronas’ earnings increased 5.8% to MYR2.07 billion ($482 million) from MYR1.96 billion ($456 million) from a year earlier.
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