Petronas Chemicals Group $PCHEM (5183.MY)$ Amid a sharp increase in forex losses, in the third quarter of the 2024 fiscal year (ending in September), there was a shift from profit to loss, with a significant loss of 0.789 million ringgit, compared to a net profit of 0.424 million ringgit in the same period last year.
This is also the first time Petronas Chemicals Group has incurred a quarterly loss since its IPO.
Regardless, Petronas Chemicals Group recorded a revenue of 7.986 billion ringgit in the third quarter, a 17.72% year-on-year increase.
In the first 9 months of the current financial year, Petronas Chemicals Group netted 0.656 billion ringgit, a sharp 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 when revaluing the accounts payable of its subsidiary Pengerang Petrochemical Company (PPC) and reassessing the shareholder loans issued to PPC, leading to the main reason for the third-quarter profit turning into loss.
"PPC is a company operating in US dollars. Recently, the US dollar weakening against the ringgit has resulted in a forex loss of 0.536 billion ringgit on the revaluation of accounts payable, while the revaluation of shareholder loans has also caused a forex loss of 0.492 billion ringgit."
The total forex loss amounts to 1.1 billion.
In addition to other business forex losses, PetroChina Petrochemical faced a total forex loss of 1.1 billion ringgit in the third quarter.
Under the impact of the aforementioned forex losses, PetroChina Petrochemical's other expenses in the third quarter surged from 2 million ringgit in the same period last year to 11 million ringgit...

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