Petronas Petrochemicals $PCHEM (5183.MY)$ With a significant increase in forex losses, in the third quarter of the 2024 fiscal year (ending September), the company went from profit to loss, with a major loss of 0.789 billion ringgit, compared to a net profit of 0.424 billion ringgit in the same period last year.
This is also the first time Petronas Petrochemicals has incurred a quarterly loss since its listing.
Nevertheless, Petronas Chemicals Group recorded a revenue of 7.986 billion ringgit in the third quarter, a year-on-year increase of 17.72%.
In the first 9 months of the current financial year, Petronas Chemicals Group netted 0.656 billion ringgit, a drastic 58.59% year-on-year decline, while revenue increased by 8.20% year-on-year to 23.213 billion ringgit.
Petronas Chemicals Group stated that due to the weakening of the US dollar against the ringgit, the company incurred unrealized foreign exchange losses in revaluing accounts payable to its subsidiary, Pengerang Petrochemical Company (PPC), and in revaluing shareholder loans extended to PPC, becoming the main reason for the third quarter's profit turning into a loss.
PPC is a company operating in US dollars. The recent weakness of the US dollar against the ringgit has resulted in a forex loss of 0.536 billion ringgit when the accounts payable are reassessed, while the reassessment of shareholder loans has also caused a forex loss of 0.492 billion ringgit.
Forex losses amount to a total of 1.1 billion.
In addition to other business forex losses, Petrochemical Corporation faces a total forex loss of 1.1 billion ringgit in the third quarter.
Under the impact of the forex losses mentioned above, Petronas Chemicals Group's other expenses in the third quarter surged from 2 million ringgit in the same period last year to 11...

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