HENGYUAN 4324 HENGYUAN REFINING COMPANY BERHAD posts loss for 3Q on lower motor gas cracks, high crude premium, stockholding losses
KUALA LUMPUR (Nov 29): Hengyuan Refining Co Bhd slipped into the red again in the third quarter ended Sept 30, 2022 (3QFY2022), after three consecutive quarters of profit, on adverse refining margin.
The group attributed the adverse refining margin to a sharp reduction in cracks especially for motor gas, as well as a higher crude premium incurred and increase in stockholding losses due to a significant drop in product prices.
On a year-on-year basis, quarterly net loss widened by nearly 12 times to RM640.48 million from RM54.04 million, Hengyuan said in a stock exchange filing.
Revenue grew 55% to RM5.03 billion from RM3.25 billion in 3QFY2021 thanks to a surge in market product prices, the group said.
For the cumulative nine months ended Sept 30, 2022, the oil refinery group recorded a net profit of RM74.46 million versus a net loss of 97.11 million in the previous corresponding period, while revenue more than doubled to RM16.88 billion from RM7.95 billion.
Going forward, Hengyuan said it will continue its efforts to focus on operational efficiency, product quality, hydrocarbon hedging and financial risk management to optimise its performance.
"Uncertainties in the global market continue to cause turbulence to the industry. Oil price volatility may persist as the market sentiments are affected by the ongoing geopolitical tensions and global recession fears, coupled with the production output cut by the Organization of the Petroleum Exporting Countries members," it said.
Shares of Hengyuan closed five sen or 1.11% higher at RM4.55 per share on Tuesday (Nov 29), giving the group a market capitalisation of RM1.36 billion.
http://www.theedgemarkets.com/article/hengyuan-posts-loss-3q-lower-motor-gas-cracks-high-crude-premium-stockholding-losses
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
5 Singapore Stocks Under Pressure7 hours ago
-
-
QAF #77 - 2023 Annual Report9 hours ago
-
-
-
-
-
-
-
-
-
The Secret To Investing1 day ago
-
-
-
-
-
-
-
-
-
-
-
The Green U-Turn2 days ago
-
-
-
Week Ahead3 days ago
-
Burnt out!3 days ago
-
-
-
-
Feb 2024 Expenditure4 days ago
-
-
-
-
-
-
-
Not Worth It5 days ago
-
Trip to Legoland5 days ago
-
-
-
-
-
-
-
-
-
-
Starting Our Second Property Cycle1 week ago
-
-
-
Position Update1 week ago
-
-
Finance Investment Movement 431 week ago
-
-
-
-
-
MAS Singapore Gold Vault2 weeks ago
-
-
Gaining And Holding2 weeks ago
-
-
-
-
Book Giveaway- Winners2 weeks ago
-
-
ICYMI: Corporate Connect with Singpost2 weeks ago
-
-
Just sold at record high!3 weeks ago
-
-
-
-
-
-
-
-
-
Monthly IBKR Update – Feb 20243 weeks ago
-
-
Feb 2024 Portfolio3 weeks ago
-
Rethinking my financial targets for 20243 weeks ago
-
-
-
-
-
Summary of February 20243 weeks ago
-
Portfolio (Feb 29, 2024)4 weeks ago
-
Portfolio -- Feb 20244 weeks ago
-
The Market Is A Scam!4 weeks ago
-
-
-
-
-
-
-
-
-
-
-
Today’s Deal of the day – Max Miles5 weeks ago
-
-
Options Trading Journal Jan 20241 month ago
-
-
-
-
-
-
-
-
-
-
-
End of 2023 Review2 months ago
-
-
Year 2023 DIYQuant Portfolio Performance Report2 months ago
-
Monthly Summary of November 20233 months ago
-
3 Simple Poker Strategies for Beginners3 months ago
-
Migration of website4 months ago
-
-
Abandon REITS?4 months ago
-
-
-
-
-
-
-
-
-
August 2023 Portfolio Updates6 months ago
-
-
-
-
Hello SP Group, I'm Back!9 months ago
-
-
-
-
I am in debt9 months ago
-
A New Light10 months ago
-
-
-
-
-
-
-
Demoralized1 year ago
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment1 year ago
-
-
-
-
-
-
-
-
-
-
-
Home
articles
HENGYUAN
HENGYUAN 4324 HENGYUAN REFINING COMPANY BERHAD posts loss for 3Q on lower motor gas cracks, high crude premium, stockholding losses