KUALA LUMPUR, Feb 25 – Petronas Chemicals Group Bhd’s profit for the financial year ended Dec 31, 2012, fell by 11 per cent to RM3.8 billion while its revenue rose by two per cent to RM16.6 billion.
In a statement today, Petronas Chemicals said 2012 was a challenging year for the petrochemical industry as global economic slowdown and uncertainty adversely affected petrochemical prices and demand.
“Although market conditions improved in the fourth quarter, lower prices and demand resulted in narrower product margins for the year,” it said.
Its president/chief executive officer Dr Abd Hapiz Abdullah said the group had delivered healthy results amidst challenging market conditions.
“Our plants performed well and the higher operational efficiency, coupled with the flexibility afforded by our integrated value chain, allowed us to remain resilient and agile.
“We will continue our focus on driving plant performance and building on our strong regional presence to deliver value to our stakeholders,” he said.
During the year, Petronas Chemicals recognised expenses amounting to RM490 million relating to the discontinuation of its vinyl business. It also gained from positive tax incentive impact of RM432 million at one of its subsidiaries.
The board has proposed a single tier final dividend of 14 sen per share amounting to RM1.12 billion. – Bernama
