Thailand’s PTTGC Q1 net profit falls 12% on high feedstock costs

11 May 2012 03:44  [Source: ICIS news]

SINGAPORE (ICIS)--PTT Global Chemical’s (PTTGC) first-quarter net profit fell by 12% year on year to Thai baht (Bt) 9.85bn ($316.7m), weighed by high feedstock costs and waning overseas demand, the Thailand-based chemicals maker said late on Thursday.

The company’s revenues rose by 29% year on year to Bt133.7bn in the first three months of 2012, but earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 20% to Bt14.6bn, the company said in a statement.

“The increase in crude oil prices led to higher energy cost and higher feedstock cost, hence, resulted in higher petroleum and petrochemical product prices,” it said.

In the first quarter, Dubai crude oil prices increased by 16% year on year to average at $116/bbl, it said.

“However, concerns over the uncertainty of economic situation in Europe and US, along with the more cautious economic policy in China, led to softened demand and continuously put pressure on products spreads,” PTTGC said.

PTTGC is the petrochemicals flagship company of Thailand’s energy giant PTT.

($1 = Bt31.1)

By: Nurluqman Suratman

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