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Petronas Chemicals reports rise in quarterly profits

9:18 AM MDT | May 28, 2013 | Deepti Ramesh

Petronas Chemicals (Kuala Lumpur) reports a 10.2% rise in profits for the first quarter, ended 31 March, compared with the year-ago quarter, to 1.23 billion ringgit ($406 million), mainly due to improved product margins. First-quarter sales increased 1.5%, to ringgit4.45 billion, because of higher selling prices of products, the company says. The first quarter saw more favorable conditions in the market for the petrochemical industry with firmer product prices; product margins also improved since feedstock prices did not rise in tandem with product prices, the...

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