Petronas Chemicals' Profit Slumps on Higher Costs, Lower Product Prices
By Ying Xian Wong
Petronas Chemicals' third-quarter net profit fell 78% on the year, mainly due to lower product spreads as well as higher energy and utilities costs.
The Malaysian petrochemical company said Tuesday that it made a profit of 424 million ringgit ($90.5 million) in the quarter, compared with one of MYR1.9 billion a year earlier.
Quarterly revenue fell 3.5% to MYR6.78 billion, amid lower product prices and sales volumes.
Looking ahead, Petronas Chemicals reckons that prices for its olefins and derivatives products could soften due to lower downstream demand toward the end of the year.
Fertilizer and methanol product prices meanwhile could stabilize due to short supply in the region, the company added, while sales and earnings at its specialties segment could be weighed down by slower industrial growth.
Write to Ying Xian Wong at yingxian.wong@wsj.com
(END) Dow Jones Newswires
November 28, 2023 00:32 ET (05:32 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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