Thai PTT Q3 net profit drops 27%

17 November 2008 06:55  [Source: ICIS news]

SINGAPORE (ICIS news)--The Thai PTT group has posted a 27% drop in its third quarter year-on-year net profit to Thai Baht (Bt) 17bn ($486m) from Bt 24bn due to lower gross refining margins and the rapid decline in crude and refined product prices, the company said on Monday.

PTT cited lower crude and refined product prices, causing feed margins and refining margins to dip, contributing to the third quarter profit decline, with petrochemical sales down by 60% to Bt 9bn from Bt 23bn in the corresponding quarter last year.

However, the company’s sales and services revenue for the third quarter rose by 49% to Bt 589bn from Bt 395bn.

Net profits for the first nine months increased marginally by less than a percent to Bt73.9bn from Bt73.3bn.

PTT expects its fourth quarter exports to slow down amidst the global economic recession, with petrochemical product prices to decrease in tandem with low oil prices and increasing supplies from the Middle East and Asia Pacific.

($1 = Bt34.98)

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By: Leon Toh
+65 6780 4359

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