Petronas Chemicals Group (PCG; Kuala Lumpur, Malaysia) today reported a massive drop in third-quarter profits and significantly lower sales. Net profit declined to 558 million Malaysian ringgit ($134.37 million) from RM1.332 billion in the year-earlier quarter. EBITDA decreased by 44% to RM915 million largely due to compressed margins, and sales were down 24.0% to RM3.67 billion. Commenting on the results, CEO Sazali Hamzah said, “Petrochemical product prices have stabilized but market outlook remains soft due to lower global GDP growth and expected additional capacities coming onstream, resulting in a long market. ... (full story)