KUALA LUMPUR (Feb 27): Petronas Chemicals Bhd posted total comprehensive income of RM735 million in the third quarter ended Dec 31, 2011, down 17.4% from RM890 million a year ago.
It said on Monday that profit for the quarter was lower by RM172 million or 17% at RM826 million.
“This follows lower contribution from our associates and jointly controlled entity as a result of lower production and full utilisation of tax benefits in one of the associate companies in the previous year,” it said.
Petronas Chemicals said it recorded higher production with improved plant utilisation driven by the fertilizer and methanol business segment. However, the olefins and derivatives business segment recorded lower production after a strong performance in the corresponding quarter.
Group revenue was RM3.904 billion, up RM9 million or 0.2% from RM3.895 billion a year ago due to higher product prices and strengthening US dollar, which offset lower sales volumes in the quarter. Earnings per share were nine sen.
The directors proposed a single tier final dividend of 8.0 sen per ordinary share amounting to RM640 million.
For the nine-month period, its net profit was RM2.62 billion while revenue was RM11.88 billion due to higher prices for olefins and derivatives and fertilisers and methanol.
“The group achieved higher average prices by 29% overall. This more than compensated the effect of lower sales volume by 7% and exchange rate movements during the period,” it said.
Petronas Chemicals said the group’s share of profits from associates and jointly controlled entity declined by 50% to RM273 million as a result of lower production and full utilisation of tax benefits in one of the associate company.
Petronas Chemicals had on March 2, 2011 announced the change of financial year end from March 31, to Dec 31, beginning from April 2011.
It said on Monday that profit for the quarter was lower by RM172 million or 17% at RM826 million.
“This follows lower contribution from our associates and jointly controlled entity as a result of lower production and full utilisation of tax benefits in one of the associate companies in the previous year,” it said.
Petronas Chemicals said it recorded higher production with improved plant utilisation driven by the fertilizer and methanol business segment. However, the olefins and derivatives business segment recorded lower production after a strong performance in the corresponding quarter.
Group revenue was RM3.904 billion, up RM9 million or 0.2% from RM3.895 billion a year ago due to higher product prices and strengthening US dollar, which offset lower sales volumes in the quarter. Earnings per share were nine sen.
The directors proposed a single tier final dividend of 8.0 sen per ordinary share amounting to RM640 million.
For the nine-month period, its net profit was RM2.62 billion while revenue was RM11.88 billion due to higher prices for olefins and derivatives and fertilisers and methanol.
“The group achieved higher average prices by 29% overall. This more than compensated the effect of lower sales volume by 7% and exchange rate movements during the period,” it said.
Petronas Chemicals said the group’s share of profits from associates and jointly controlled entity declined by 50% to RM273 million as a result of lower production and full utilisation of tax benefits in one of the associate company.
Petronas Chemicals had on March 2, 2011 announced the change of financial year end from March 31, to Dec 31, beginning from April 2011.
