Petronas Chemicals : Third-Quarter Net Profit Fell 15% on Forex Loss, Lower Interest Income

By Chester Tay

Petronas Chemicals Group Bhd.'s third-quarter net profit fell 15% following foreign-exchange loss on revaluation of shareholder loan to a joint operation company and lower interest income generated from fund placement.

Net profit declined to 471.0 million ringgit ($114.8 million), while revenue dropped to MYR3.46 billion from MYR3.67 billion a year earlier, the petrochemical company said Wednesday.

For the first nine months of the year, the group's net profit dropped 53% to MYR1.16 billion and revenue declined 13% to MYR10.53 billion.

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(END) Dow Jones Newswires

11-18-20 0527ET