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Nikkei Markets

Petronas Chemicals' quarterly profit drops amid weak product prices

Analysts expect earnings to remain under pressure, plant utilization to decline

A Petronas gas station in Kuala Lumpur: The company has warned that earnings could remain weak in the third quarter.   © Reuters

KUALA LUMPUR (Nikkei Markets) -- Malaysian petrochemical company Petronas Chemicals Group said Tuesday its second quarter net profit fell 22.3% due to weaker product prices even as its plants ran at full capacity.

Earnings could also remain weak in the coming quarter as product prices stay subdued, while Petronas Chemicals' plant utilization rate is expected to decline due to mandatory maintenance activities, two analysts said.

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