Petronas Chemicals Group Bhd's (PCG) revenue for the six-month period ended Sept 30, 2010 increased by 21.3 per cent to RM6.3 billion, primarily driven by higher realised prices and sales volume.

In a statement today, PCG said operating profit increased to RM1.44 billion.

'This was mainly due to the inclusion of one-off negative goodwill of RM175 million on acquisition of OPTIMAL Glycols (M) Sdn Bhd in the corresponding period's results and higher amortisation expense in the current period,' it said.

Profit for the period showed a healthy double-digit growth at 12.2 per cent to RM1.3 billion, it said.

'This was also supported by the strong results from PCG's associates and jointly controlled entity,' it said.

On quarter-to-quarter comparison, PCG recorded a 10 per cent increase in revenue, driven by higher realised prices in improving market condition.

Overall, profit for the current quarter at RM572 million was lower compared to RM658 million for the same quarter last year principally due to one-off negative goodwill expense.

BERNAMA