Petronas-linked PetChem’s first quarter (Q1FY21) net profit surged 2.1 times q-o-q to RM1.46bil from higher product prices in tandem with crude oil prices.
KUALA LUMPUR: Higher product prices amid the rising crude oil price should drive stronger earnings for Petronas Chemicals Group Bhd
(PetChem) in the current financial year (FY).
During the three-month ended June 30, crude oil price rose 13% quarter-on-quarter (q-o-q) while polyethylene rose by only 4% q-o-q, which led to its five-year average discount to naphtha widening to 27%.
Already a subscriber? Log in.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
