MALAYSIA: PetChem sanguine about 2013 financial results amid challenging market conditions

"Product prices remained firm, supported by limited supply availabilities and cost-push factors. Product spreads also improved with lower feedstock costs. This trend was particularly evident during the first quarter of the year with slight softening seen moving into the second quarter, albeit still better compared to the second quarter of last year," the group added.

Going forward, PetChem said the results of the group's operations are expected to be primarily influenced by fluctuations in international petrochemical products prices, global economic conditions and utilisation rate of its production facilities.

"Subject to sufficient availability of feedstock, we expect that the results of our operations for the financial year ending 31 Dec 2013 to be satisfactory," it said.

"The group registered robust financial results amid challenging market conditions and limitations at some of our plants in Q2 (second quarter). Our operational excellence is a requisite to compete in this persistently challenging market conditions," said PetChem president and CEO Abd Hapiz Abdullah in a statement.

Petronas Chemicals is the leading integrated chemicals producer in Malaysia and one of the largest in Southeast Asia. It is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilisers, methanol and other basic chemicals and derivative products.

Source: "The Sun Daily", Petaling Jaya; 23 Aug 2013(Syed Rashid Ali, Karachi, Pakistan)