Thailand PTTAR’s petrochemical segment posts net gain of $81m

19 February 2010 07:00  [Source: ICIS news]

SINGAPORE (ICIS news)--Thailand’s PTT Aromatics and Refining (PTTAR) recorded a full-year net profit of baht (Bht) 2.7bn ($81m) for its petrochemical segment in 2009, reversing a net loss of Bht2bn in 2008, the company said on Friday.

The segment’s net sales rose 17% year on year to Bht96bn, the company added.

PTTAR’s overall net profit was Bht9.16bn in 2009, compared with a net loss of Bht8.47bn in 2008, the company said.

Net profits for 2009 were boosted by PTTAR’s refinery segment, which registered a gain of Bht6.6bn, reversing the loss of Bht6.5bn incurred in 2008, the company added.

While the company’s refined product prices declined in the first quarter due to lower demand and high Asian overhang capacities, prices improved in the second quarter amid rising crude oil values, PTTAR said.

The company’s full-year earnings before interest, tax, depreciation and amortisation (EBITDA) recorded a gain of Bht20bn, compared with a loss of Bht9bn in the year-ago period.

($1 = Bht33.16)

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By: Nurluqman Suratman

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