Representational file photo.
Kuala Lumpur: Petronas Chemicals, a unit of Malaysia's state energy company, slipped into the red by posting a net loss of 1.08 billion ringgit (260 million US dollars) in the second quarter of 2025, amid declining revenue in a weak market.
The firm said in a statement on Wednesday that it recorded a loss and lower revenue during the quarter as it navigated both internal and external disruptions to its operations amid heightened geopolitical tensions in the Middle East and tariff announcements by the United States, which affected crude oil prices and weakened the US dollar.
The firm's revenue for the quarter fell 16.71 percent year-on-year to 6.44 billion ringgit.
As for the first half, the firm also posted a net loss of 1.1 billion ringgit, compared to a net profit of 1.45 billion ringgit a year ago.
To navigate an increasingly challenging industry landscape, the group is intensifying its portfolio review, cost optimization initiatives, and organisational rightsising.
"Looking ahead, while market conditions remain challenging, we are confident that our strong fundamentals combined with the initiatives currently underway will continue to strengthen our resilience," said Mazuin Ismail, managing director and chief executive officer of the firm. (1 ringgit equals 0.24 US dollar)
