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Malaysia’s Petronas reports weaker financial results for Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 09/08/2016 (14:13)
According to media reports, Malaysia’s Petronas Chemicals Group’s net profit fell by 17% on the year to MYR462 million ($114.8 million) in the second quarter from MYR557 million in the same period of 2015. The company’s revenue also fell to MYR3.2 billion ($795.5 million) from RM3.31 billion a year earlier due to lower product prices stemming from weak crude oil markets.

The company also reported that its profit after tax for the quarter declined by 16% to MYR533 million ($132.2 million) mainly due to assets write-offs amounting to RM241 million (US$59 million) stemming from the cancellation of its elastomers project.

In the January-June period, Petronas’ net profit declined to MYR1.05 billion ($260.6 million) from MYR1.16 billion a year earlier. The company’s revenue for the same period also dropped to MYR6.35 billion ($1.57 billion) from RM6.45 billion a year earlier.

The company expects lower crude oil costs and petrochemical product prices will continue to weigh down the company’s operations.
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