08 August 2012 03:27 [Source: ICIS news]
SINGAPORE (ICIS)--Thailand’s PTT Global Chemical posted a 90% drop in its second-quarter 2012 net profit to baht (Bt) 851m ($27m), partly weighed by softer demand and declining crude oil prices which led to lower polymer prices, the firm said late on Tuesday.
The company’s overall sales were up by 5% year on year at Bt139.2bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 57% to Bt6.71bn, the company said in a statement.
The overall plant utilisation rate at its olefins business was at 89% in the second quarter, up from 84% in the same period last year, as there were no shutdowns during the period, it added.
PTTGC also saw price decreases for its paraxylene (PX) and benzene products in April-June this year, the firm said.
“[The] price decrease was in respect to the weakening demand for intermediate and downstream derivative products from the economic crisis in Europe and economic slowdown in the ?xml:namespace>
($1 = Bt31.5)
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