by TMR

Hengyuan Refining Co Bhd’s revenue for the third quarter ended Sept 30, 2017 (3Q17), rose 51% year-on-year (YoY) to RM2.96 billion due to the unforeseen spike in average product market prices, following unplanned disruptions to global refinery production and improved plant productivity.

According to the refiner’s filing to Bursa Malaysia last Thursday, Hengyuan noted it received additional sales of

600,000 barrels for the current quarter due to improved plant reliability, following a minor turnaround in May 2017 compared to lower production volumes in the corresponding period last year.

In the meantime, the company’s net profit for the period amounted to RM361.8 million, or earnings per share of RM1.20 versus a net loss of RM80.9 million, or loss per share of the 26.95 sen it recorded in 3Q16.