Petronas Chemicals First-Quarter Net Profit More Than Doubles to MYR1.3 Billion

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Petronas Chemicals Group Bhd. (5183.KU), the chemical-processing arm of Malaysia's national oil company Petronas, said net profit for the first quarter surged on strong revenue.

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The company said the improved performance came amid higher sales volume and prices, as well as a stronger U.S dollar.

Net profit for the three months ended March rose to 1.3 billion ringgit ($300 million) from MYR592 million a year ago, according to a local stock-exchange filing. Revenue jumped 49% to MYR4.7 billion during the quarter from MYR3.1 billion, Petronas Chemicals said.

The net profit beat an estimate of MYR811.9 million by one analyst polled by Eikon.

Looking ahead, Petronas Chemicals said its new fertilizer plant in the Borneo state of Sabah has reached full design capacity and is expected to contribute to results from the second quarter.

Shares of Petronas Chemicals were down 1.5% at MYR7.12 ($1.64) before the earnings release.

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Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

May 15, 2017 02:51 ET (06:51 GMT)