KUALA LUMPUR: Shares of Hengyuan Refining Company Bhd
slipped in early Monday trade following the relase of disappointing quarterly earnings last Friday.
At 9.53am, the counter was trading 73 sen or nearly 10% lower at RM6.70 a share on the back of 1.23 million shares traded.
The group said in a stock exchange filing that its net profit slid 21.1% to RM66.6mil for Q2 ended June 30, 2018, from RM84.41mil a year earlier due to the impact of rising crude oil prices on its margins.
For the first six months of 2018, Hengyuan's net profit fell 58% to RM153.41mil from RM363.89mil in the same period in 2017.
"The Company is currently undergoing a planned major statutory turnaround which commenced on 6 August 2018 and is expected to complete late October 2018. Accordingly, revenues for the current financial year will reflect the anticipated reduction in sales and production volumes," it said.
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