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 newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PVC market looks for direction amid divergent factors
- Pent-up demand lifts India’s PP market
- Europe continues to defy global PVC trend
- Egypt’s PP, PE markets continue to slide in January
- Europe’s PE markets under pressure from rising supplies
- PP demand fares better than PE in Turkey
- Taiwanese major poised to come lower for a 3rd month to Asian PVC markets
- Covid concerns loom large in China, hitting demand and supply-chain
- Egypt’s PVC markets extend drops into January
- SE Asian PP, PE markets look for direction amid tepid demand, rising freights