KUALA LUMPUR, May 20 (Bernama) — PETRONAS Chemicals Group Berhad (PCG) reported profit after tax of RM493 million for 1Q 2020 despite operating in an unprecedented environment. The Group maintained strong operational performance with high plant utilisation rate and sales volume.
The Group’s earnings were impacted by the sharp decline in petrochemical product prices following the outbreak of COVID-19. The industry downcycle deepened as crude oil prices collapsed due to the OPEC+ fallout and the recessionary global economic outlook.