Malaysian Petronas’ net profit declines 2.7% in Q3
The company’s revenue also fell by 2.1% to MYR3.56 billion ($844.8 million) from RM3.64 billion a year earlier due to lower product prices stemming from weak crude oil markets.
In the January-September period, Petronas’ net profit decreased by 6.4% to MYR1.95 billion ($462.7 million) from MYR2.08 billion while the company’s revenue for the same period was also down 1.7% to MYR9.91 billion ($2.35 billion) when compared to RM10.09 billion a year earlier.
The company expects global economic conditions, its production facilities’ utilisation rate and petrochemical product prices to be the main factors affecting results in the near term.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low
- Styrenics markets reverse slump after months-long downtrend in Europe