KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) reported a net loss of RM18 million for the first quarter ended March 31, 2025 (1Q 2025), despite higher revenue of RM7.66 billion.
The loss was mainly attributed to unrealised forex losses, weaker performance from its specialties segment, and lower finance income.
This marks a reversal from the RM668 million profit recorded in 1Q 2024, when revenue stood at RM7.50 billion.
In a Bursa Malaysia filing, PCG said the stronger revenue was driven by higher sales volume, though partially offset by a stronger ringgit.
It cited forex losses from the revaluation of a shareholder loan to a joint operation and reduced finance income from timing adjustments in trade payables.
Plant utilisation improved to 94 per cent from 87 per cent a year ago, led by the fertilisers and methanol (F&M) segment, due to fewer maintenance shutdowns.
Looking ahead, PCG warned that product prices for olefins and derivatives (O&D) may face pressure from US tariffs, excess supply and weak downstream demand.
Fertiliser prices are expected to hold up amid seasonal demand, while ammonia and methanol prices may remain soft. – BERNAMA
