Petronas Chemical Group posts Q1 earnings growth

Petronas Chemicals Group Bhd's (PCG) first quarter net profit rose 8.4 per cent to RM1.1 billion, partly helped by favourable market conditions for the petrochemical industry.

According to the company in a statement, the performance was also driven by cost-push factors and tight supply, as well as strengthening of product spreads.

The first quarter ended March 31, 2013 also saw revenue gained by 1.3 per cent to RM4.45 billion.

During the period, PCG's earnings before interest, tax, depreciation and amortisation (or EBITDA) rose by 10 per cent while EBITDA margin strengthened to 40 per cent.

"We are pleased that the Group has started the new financial year on a strong note, achieving good operational and financial results.

"Moving forward, our focus will be on sustaining our operational performance to continue delivering value to our stakeholders, said Dr Abd Hapiz Abdullah, President/Chief Executive Officer of PCG.