KUALA LUMPUR: Petronas Chemicals Group Bhd reported lower earnings of RM1.065bil in the first quarter ended March 31, 2018 due to the strengthening of the ringgit against the US dollar and forex loss on its loans.It said on Monday the earnings in Q1FY18 fell 17.7% from RM1.295bil a year ago. Its revenue, however, rose 5.4% to RM4.951bil from RM4.695bil a year ago. Earnings per share were 13 sen compared with 16 sen.Petronas Chemicals achieved plant utilisation of 100%, as compared to 99% a year ago due to better plant performance.It said production and sales volumes rose mainly from urea production from Petronas Chemicals Fertiliser Sabah Sdn. Average product prices across all products strengthened due to higher crude oil prices and limited global supply.Revenue rose 21% to RM1.8bil, boosted by higher sales volumes and prices, partially offset by the strengthening of ringgit.Ebitda increased by 25% to RM779mil. Profit after tax also rose by 25% to RM564mil.

Source: The Star May 21, 2018 05:37 UTC