Tuesday, November 30, 2010

Petronas Chemicals Q2 net profit down 8.9%

PETALING JAYA: Petronas Chemicals Group Bhd registered a net profit of RM503mil for the second quarter ended Sept 30, 8.9% lower than RM552mil in the same period last year due to lower operating profit.

In a filing with Bursa Malaysia, Petronas Chemicals said its operating profit fell to RM572mil from RM814mil in the corresponding quarter last year.

Operating profit in the corresponding quarter included a once-off negative goodwill of RM175mil arising from the acquisition of Optimal Glycols (M) Sdn Bhd. In addition, the consolidation of Optimal Glycols and Optimal Chemicals (M) Sdn Bhd resulted in higher amortisation and depreciation expense by RM75mil in the current quarter, it said.

It said the above factors resulted in lower operating profit and contributed to a lower profit.

The group's revenue rose 10% to RM3.17bil from RM2.88bil in the previous corresponding period, driven by higher realised prices for most products as demand increased on the back of improved market condition.

This is further supported by higher sales volume with improved plant utilisation and additional volume contribution from acquisition of Optimal Chemicals in September last year, it said.

Its net profit for the first six months was RM1.19bil, up from RM980mil in the same period last year, supported by share of profits of associates and jointly controlled entities increasing by RM212mil, mainly due to an increase of profits in BASF Petronas Chemicals.

It registered higher revenue of RM6.3bil in the first six months, compa red with RM5.2bil.







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