KUALA LUMPUR (May 22): Hengyuan Refining Co Bhd shares fell 10.62% this morning after its net profit fall 68.94% to RM86.81 million in the first quarter ended March 31, 2018 from RM279.49 million a year ago as margins fell due to a lower crack spread for motor gas.
At 9.13am, Hengyuan lost 88 sen to RM7.41 with 960,400 shares done.
The decline in the crack spread, which measures the pricing difference between a barrel of crude oil and the petroleum products refined from it, occurred amidst increasing crude prices and high inventory in the region, the refiner noted.
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