Chemical Week Magazine :: Business & Finance :: Asia/Pacific
Petronas posts lower profits, could scrap Rapid project
6:20 AM MDT | September 6, 2013 | —Natasha Alperowicz
Petronas Group (Kuala Lumpur), the parent of Petronas Chemicals, reports a 4% drop in second-quarter pretax profit, to 21.98 billion ringgit ($6.64 billion), on revenues 5% higher, at ringgit74.42 billion, driven by higher crude oil sales and gas trading volume as well as higher petroleum products’ sales volume. The company’s marginally lower net profit, ringgit15.26 billion, was due to lower margins primarily caused by higher operating expenses and lower gains on disposal of investments. Petronas president and CEO Tan Sri Shamsul Azhar Abbas says...
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