PETALING JAYA: Petronas Chemicals Group Bhd (PetChem) reported 18.3% higher net profit year-on-year (y-o-y) to RM737mil for its first quarter (Q1) ended June 30, 2011, compared with RM623mil in the corresponding period last year, on higher revenue driven primarily by strong product prices.
For the quarter in review, the integrated petrochemical producer posted a revenue of RM3.3bil, which represented an increase of 6% y-o-y.
PetChem said it had changed its financial year-end from March 31 to Dec 31 with effect from April 1. Accordingly, its financial statements for the financial period ending Dec 31, 2011, would only cover a nine-month period.
Thereafter, the financial year of the company would revert to the usual 12 months from Jan 1 to Dec 31.
In a statement to Bursa Malaysia, PetChem said the strong prices across most of its petrochemical products had partially offset the adverse impact of a stronger ringgit against the US dollar on its revenue in the first quarter.
PetChem's Q1 operating profit rose 13% y-o-y to RM981mil as a result of its higher product prices as well as lower feedstock costs.
While PetChem's overall Q1 results show growth on an annual basis, the company's performance was a tad slower compared to the preceding quarter ended March 31, 2011.
For instance, Q1 net profit showed a decline of 20.9% quarter-on-quarter (q-o-q) from RM932mil, while revenue declined 24.1% q-o-q from RM4.35bil. The weaker q-o-q performance was attributed to maintenance activities and methane gas supply limitations, which resulted in lower production volume.
The company had also registered higher recognition of deferred tax asset in the preceding quarter.
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