Thai PTT's Q3 net income down 0.4% despite strong petchem sales

11 November 2011 15:02  [Source: ICIS news]

LONDON (ICIS)--Thai state oil firm PTT's net income fell 0.4% year on year to Baht (Bt) 21.7bn (€517m, $703m) in the third quarter, despite sales at its petrochemicals businesses increasing by 40% in the same period, the company said on Friday.

PTT's overall sales increased by 41% year on year in the third quarter to Bt648bn, with petrochemicals sales rising by 40% to Bt17.7bn, it said.

“[The rise in petrochemicals sales] was mainly due to the increase in the average selling price and the sales volume of [PTT’s subsidiary polymer marketing business] PTTPM by 17.0% and 15.4%, respectively, compared with the third quarter of 2010,” the company said.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 25% year on year to Bt52.9bn in the third quarter, it added.

($1 = Bt30.88, €1 = Bt41.99)

By: Leigh Stringer
+44 208 652 3214

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