Latest news with #PetronasChemicals
The Sun
20-05-2025
- Business
- The Sun
Petronas Chemicals reports RM18 million net loss in Q1 as forex weighs
KUALA LUMPUR: Petronas Chemicals Group Bhd reported a net loss of RM18 million in the first quarter ended March 31, 2025 (Q1'25) due to unrealised foreign exchange losses, unfavourable net foreign exchange impact from the specialities segment, among others, despite recording a higher revenue of RM7.66 billion. The group achieved a profit of RM668 million and a revenue of RM7.50 billion in Q1'24. In a Bursa Malaysia filing yesterday, Petronas Chemicals said the quarter's higher revenue was mainly due to higher sales volume, partially offset by the strengthening of the ringgit against the US dollar. It said the reduction in net profit was mainly due to unrealised foreign exchange loss on revaluation of a shareholders loan to a joint operation entity, lower finance income arising from adjustment of timing for payment of trade payables in the preceding quarter and unfavourable net foreign exchange impact from the specialities segment. A higher plant utilisation rate of 94% was recorded compared to 87% in the previous corresponding quarter due to improved plant performance as well as lower statutory plant turnaround and maintenance activities, mainly from fertilisers and methanol segment, resulting in higher production. On prospects, the group said the results of its operations were primarily influenced by global economic conditions and petrochemical product prices, which have a high correlation to crude oil price, particularly for the olefins and derivatives (O&D) segment, utilisation rate of its production facilities and foreign exchange rate movements. The utilisation of production facilities is dependent on plant maintenance activities and sufficient availability of feedstock as well as utilities supply, Petronas Chemicals said 'The group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark,' it said. Petronas Chemicals anticipates product prices for O&D will be impacted by the implications of the United States (US) tariffs, additional supply from new capacities and weak downstream demand. 'Fertiliser product prices are forecasted to be firm with limited supply from the Middle East amidst seasonal demand from India, Southeast Asia and Australia. 'However, ammonia and methanol product prices are forecasted to be soft due to ample supply and persistent weak demand from industrial and gasoline blending sectors,' it added. For specialties, Petronas Chemicals said the group remains cautious in navigating the challenging market conditions, as we anticipate demand uncertainty to persist across most of our end markets. Commenting on the Q1'25 performance, its managing director and CEO, Mazuin Ismail, said the group's resilience in navigating the challenging market landscape underscores the strength of its diversified portfolio. 'The improvement in earnings before interest, taxes, depreciation, and amortisation reflects our ongoing efforts on operational excellence with commendable plant utilisation rate achieved by our commodities business, despite setbacks in January 2025 that temporarily impacted operations at several plants in Kertih, Kemaman District, Terengganu,' he said. Meanwhile, regarding the implications of US tariffs, Mazuin said Petronas Chemicals is closely monitoring these developments and assessing broader implications on the overall market dynamics. He added that the group remains focused on driving excellence to maintain its resilience and competitiveness amid the current industry downturn. 'Our unwavering commitment to safe and efficient operations across all facilities continues as we are currently undertaking repair and maintenance activities at several O&D and F&M plants,' he said. Mazuin said Petronas Chemicals is also strengthening customer relationships to better meet their evolving needs while upholding strict financial discipline and prudent capital spending. – Bernama
Free Malaysia Today
09-05-2025
- Business
- Free Malaysia Today
Bursa Malaysia closes lower on continued profit-taking
KUALA LUMPUR : Bursa Malaysia reversed early gains to close marginally lower today, dragged down by profit-taking in financial services as well as industrial products and services counters, an analyst said. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional markets advanced further, led by China and Hong Kong, on optimism over potential US-China trade discussions, and the release of upbeat Chinese services activity data. 'With the FTSE Bursa Malaysia KLCI (FBM KLCI) having recovered over 80 points since the onset of US trade tensions, we view this pause as a healthy correction, allowing the market to consolidate recent gains before resuming its uptrend. 'We maintain a cautiously optimistic outlook on the local market, supported by Malaysia's improving economic prospects, which are driven by resilient consumer demand, sectoral recovery, and continued government support measures. 'As such, we maintain our weekly FBM KLCI target at between 1,525 and 1,555,' Thong told Bernama. At 5pm, the FBM KLCI declined by 0.18%, or 2.74 points, to 1,536.80 from yesterday's close of 1,539.54. CIMB and Petronas Chemicals were the top two contributors to the benchmark index's decline, falling 18 sen to RM6.90 and 15 sen to RM3.30, respectively, with a combined negative contribution of 5.36 points. The market bellwether opened 1.10 points better at 1,540.64 and moved between 1,533.15 and 1,544.98 throughout the trading session. In the broader market, losers trounced gainers 540 to 367, while 492 counters were unchanged, 936 untraded, and 17 suspended. Turnover increased to 2.79 billion units worth RM1.88 billion against yesterday's 2.34 billion units valued at RM2.08 billion. Among the heavyweights, Maybank fell four sen to RM9.96, Public Bank and IHH Healthcare were flat at RM4.47 and RM7, respectively, while Tenaga Nasional rose 26 sen to RM14.06, and CelcomDigi perked up one sen to RM3.79. For active stocks, Reach Ten went up 2.5 sen to 56 sen, Permaju earned 0.5 sen to 3.5 sen, MrDIY gained seven sen to RM1.74, while Ekovest eased 0.5 sen to 32.5 sen. On the index board, the FBM Emas Index was 27.71 points lower at 11,413.47, the FBMT 100 Index decreased 27.61 points to 11,187.65, and the FBM Emas Shariah Index perked up 7.72 points to 11,311.21. The FBM 70 Index slumped 70.26 points to 16,062.23, and the FBM ACE Index improved 13.71 points to 4,638.77. Across sectors, the financial services index tumbled 146.98 points to 18,129.19, the industrial products and services index dipped 1.31 points to 150.48, the energy index shed 4.09 points to 678.62, while the plantation index advanced 36.34 points to 7,284.96. The Main Market volume narrowed to 1.22 billion units valued at RM1.61 billion against yesterday's 1.51 billion units worth RM1.91 billion. Warrants turnover surged to 1.22 billion units worth RM157.38 million from 373.95 million units valued at RM22.31 million previously. The ACE Market volume dwindled to 346.85 million units valued at RM103.09 million compared with 454.30 million units worth RM139.10 million yesterday. Consumer products and services counters accounted for 227.61 million shares traded on the Main Market, industrial products and services (162.51 million), construction (91.44 million), technology (138.81 million), SPAC (nil), financial services (52.74 million), property (198.69 million), plantation (13.19 million), REITs (14.65 million), closed/fund (17,200), energy (112.90 million), healthcare (57.43 million), telecommunications and media (69.44 million), transportation and logistics (36.82 million), utilities (46.71 million), and business trusts (7,000).
New Straits Times
30-04-2025
- Business
- New Straits Times
Bursa Malaysia remains positive at midday
KUALA LUMPUR: Bursa Malaysia continued its positive performance at midday, supported by buying interest in industrial products and services as well as financial services counters, tracking the upbeat performance of most regional peers. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 12.62 points to 1,528.18 from yesterday's close of 1,515.56. The index had opened 2.51 points higher at 1,518.07, and moved between 1,518.07 and 1,529.03 during the morning trading session. On the broader market, market breadth was positive with 424 gainers outpacing 338 decliners, while 448 counters were unchanged, 1,209 untraded, and 96 suspended. Turnover stood at 1.41 billion shares worth RM833.49 million. Among the heavyweights, Petronas Chemicals gained 11 sen to RM3.58, Press Metal Aluminium and CIMB added eight sen to RM4.87 and RM7.10, respectively, Petronas Gas rose 30 sen to RM17.12 and Public Bank increased three sen to RM4.45. As for the actives, Velesto rose by half a sen to 15.5 sen, Chemlite Innovation recouped two sen to 25 sen and WTEC Group improved one sen to 24.5 sen, while Kinergy Advancement was flat at 32.5 sen and Tanco Holdings was down one sen to 87 sen. On the index board, the FBM Emas Index advanced 79.85 points to 11,354.26, the FBMT 100 Index increased 83.39 points to 11,128.35, the FBM Emas Shariah Index jumped 81.47 points to 11,199.21 and the FBM 70 Index garnered 85.81 points to 15,990.80, while the FBM ACE Index eased 1.67 points to 4,616.43. Sector-wise, the Financial Services Index soared 112.02 points to 18,212.13, the Industrial Products and Services Index firmed 1.36 points to 150.28, the Energy Index gained 9.40 points to 687.36, and the Plantation Index put on 36.87 points to 7,199.22.
