Petronas Chemicals shares fall 4 sen to RM6.99 despite stellar Q2 results

PETALING JAYA: Petronas Chemicals Group Bhd shares fell 0.57% this morning despite news of a spike in its net profit for the second quarter ended June 30, 2017.

At 10.58am, its share price fell 4 sen to RM6.99 with 693,500 shares traded.

Yesterday, the group announced that its net profit for the quarter had doubled to RM964 million from RM462 million a year ago on the back of higher volumes, stronger US dollar and lower operating expenditure.

Revenue rose by 24% to RM3.96 billion compared with RM3.20 billion a year ago, driven by higher sales volume, higher prices and stronger US dollar.