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Petronas Chemicals Group Q1 profit falls YOY

Petronas Chemicals Group Bhd. said its first-quarter normalized net income was 6 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 6 sen per share.

EPS declined 22.4% year over year from 7 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 459.9 million ringgits, a decrease of 22.4% from 592.5 million ringgits in the year-earlier period.

The normalized profit margin dropped to 14.6% from 15.6% in the year-earlier period.

Total revenue declined 17.5% on an annual basis to 3.14 billion ringgits from 3.81 billion ringgits, and total operating expenses declined 16.1% on an annual basis to 2.31 billion ringgits from 2.76 billion ringgits.

Reported net income fell 19.2% year over year to 605.0 million ringgits, or 8 sen per share, from 749.0 million ringgits, or 9 sen per share.

As of May 7, US$1 was equivalent to 3.60 ringgits.