KUALA LUMPUR, May 24 (Bernama) — PETRONAS Chemicals Group Berhad (PCG) posted 17% year-on-year lower revenue of RM4.1 billion in its first quarter 2019 in tandem with the overall decline in petrochemical product prices. The petrochemical sector slowed during the quarter on market uncertainties as well as lower crude oil prices and demand.
Operations remain steady as PCG achieved plant utilisation of 95%, albeit lower compared to 100% in 1Q 2018 as the Group commenced the first statutory plant turnaround in 2019 as well as maintenance activities undertaken during the quarter. As a result, the Group saw lower production volume and lower sales volume accordingly.
