Petronas Chemicals Q1 net profit up 12pc
2011/08/27
KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) posted a 12 per cent increase in net profit to RM814 million for the first quarter ended June 30 2011.PCG suggested that it would have made a higher net profit if it wasn't bogged down by maintenance activities and methane gas supply limitations during the quarter.
The setbacks caused group revenue quarter-on-quarter to ease 23 per cent, or RM1 billion, to RM3.3 billion, although on a year-on-year basis, the revenue was up by 6 per cent, or RM183 million.
"Going forward, we remain highly focused on improving our plant utilisation rate. In addition, we are working diligently with our counterparts on feedstock to secure a reliable rate of gas supply to support our operations as we compete in a continuously challenging business environment," PCG president and chief executive officer Dr Abd Hapiz Abdullah said in a statement yesterday.
A single tier final dividend of 19 sen per share, amounting to RM1.52 billion in respect of the financial year ended March 31 2011, was paid to shareholders on Thursday.
PCG has changed its financial year-end from March 31 to December 31 effective April 1 2011. Accordingly, the group's financial statements for the period ending December 31 2011 cover a nine-month period. Thereafter, its financial year will revert to the usual 12 months from January 1 to December 31 .
PCG said during the quarter, methane gas supply limitation had affected the production in the fertilisers and methanol business segment.
On the other hand, the supply of ethane and propane was unaffected and continued to support the operations of the olefins and derivatives segment, a key contributor to group revenue.
However, as the group had undertaken maintenance activities during the quarter, production volume declined inevitably.
Nonetheless, higher product prices and lower feedstock costs lifted the group's operating profit by RM114 million, or 13 per cent, year-on-year to RM981 million.
PCG's ebitda (earnings before interest, tax, depeciation and amortisation) rose 14 per cent year-on-year to RM1.24 billion in the current quarter from RM1.09 billion.
Its ebitda decreased by RM262 million from RM1.50 billion in the preceding quarter. However, ebitda margin in the current quarter improved to 37.1 per cent from 34.6 per cent.
The setbacks caused group revenue quarter-on-quarter to ease 23 per cent, or RM1 billion, to RM3.3 billion, although on a year-on-year basis, the revenue was up by 6 per cent, or RM183 million.
"Going forward, we remain highly focused on improving our plant utilisation rate. In addition, we are working diligently with our counterparts on feedstock to secure a reliable rate of gas supply to support our operations as we compete in a continuously challenging business environment," PCG president and chief executive officer Dr Abd Hapiz Abdullah said in a statement yesterday.
A single tier final dividend of 19 sen per share, amounting to RM1.52 billion in respect of the financial year ended March 31 2011, was paid to shareholders on Thursday.
PCG has changed its financial year-end from March 31 to December 31 effective April 1 2011. Accordingly, the group's financial statements for the period ending December 31 2011 cover a nine-month period. Thereafter, its financial year will revert to the usual 12 months from January 1 to December 31 .
PCG said during the quarter, methane gas supply limitation had affected the production in the fertilisers and methanol business segment.
On the other hand, the supply of ethane and propane was unaffected and continued to support the operations of the olefins and derivatives segment, a key contributor to group revenue.
However, as the group had undertaken maintenance activities during the quarter, production volume declined inevitably.
Nonetheless, higher product prices and lower feedstock costs lifted the group's operating profit by RM114 million, or 13 per cent, year-on-year to RM981 million.
PCG's ebitda (earnings before interest, tax, depeciation and amortisation) rose 14 per cent year-on-year to RM1.24 billion in the current quarter from RM1.09 billion.
Its ebitda decreased by RM262 million from RM1.50 billion in the preceding quarter. However, ebitda margin in the current quarter improved to 37.1 per cent from 34.6 per cent.
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