Tuesday, November 22, 2011

Petronas Chemicals posts net profit RM1.15b, declares 8c interim dividend

KUALA LUMPUR (Nov 22): Petronas Chemicals Group Bhd (PCB) posted net profit RM1.15 billion for the three months ended Sept 30, 2011 on the back of revenue RM4.664 billion, due mainly to higher product prices and unrealised foreign exchange gains.

It said on Tuesday that earnings per share for the quarter was 14 sen, while net assets per share was RM2.50.

The company declared an interim single tier dividend of 8 sen per ordinary share or RM640 million for the financial year ending Dec 31, 2011, to be paid on Dec 22.

For the six months ended Sept 30, PCG posted net profit RM1.89 billion on the back of revenue of RM7.98 billion.

Reviewing its performance, PCB said the growth in sales volume was led by olefins and derivatives business segment, which recorded plant utilisation of 97%.

However, it said the fertilisers and methanol business segment registered lower sales as the running of our methanol facility was limited by lower average daily gas supply.

Overall, the group's plant utilisation of 84% remained at par with the corresponding quarter, it said.

On its prospects, PCB said that moving forward the results of its operations were expected to be primarily influenced by fluctuations in international petrochemical products prices, global economic conditions and utilisation rate of its production facilities.

The company said the start of the third quarter saw power supply interruption to Ethylene Malaysia Sdn Bhd, which limited its ethylene production for approximately two weeks.

PCB said the impact was minimised by leveraging on its integrated value chain.

'Consistent with previous periods, the olefins and derivatives segment will continue to be the key contributor to the group's results.

'Subject to sufficient availability of methane gas supply, we expect that the results of our operations for the financial period ending Dec 31, 2011 to be satisfactory,' it said.

The company had on March 2, 2011 announced the change of financial year end from March 31 to Dec 31 beginning from April 2011.

As a result, there is no equivalent comparative quarters.






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