PTT Plc, the energy and chemicals conglomerate 66.37% owned by the Finance Ministry and its funds, posted a reviewed second-quarter net profit of 12.29 billion baht, up by 43.3% year-on-year but down by 66% quarter-on-quarter.
From January to June, the reviewed net profit totalled 48.38 billion baht, up 4.95% year-on-year but down 5% from the previous quarter , the company said in a statement to the SET on Friday.
Compared to the second quarter last year, sales revenue of PTT and its subsidiaries in the second quarter of this year fell 1.9% to 669.61 billion baht. Earnings before finance costs, income taxes, depreciation and amortisation expenses, and other non-operating income and expenses (EBITDA) declined 6.1% due to the lower performance of the gas business.
However, share of income from investments in associated companies was 1.35 billion, compared to a loss of 4.4 billion baht in the second quarter last year due to a higher gross refining margin (GRM). Its petrochemical associates also did comparatively well on higher spread margins of aromatics and olefins products.
When compared to the previous quarter, sales revenue slid 4.3% to 669.61 billion on lower Dubai crude oil price while EBITDA declined by 2.5% due to the lower performance of the gas business.
Share of income from investments in associated companies plunged 86.7% on lower GRM and higher stock loss, as well as lower spread margins of aromatics, especially paraxylene, and the maintenance shutdown of its olefins plant.
Besides, PTT booked a foreign-exchange loss of 3.47 billion in the second quarter, compared to a gain of 6.74 billion in the first quarter.
PTT shares closed on Friday on the SET at 328 baht, down two baht, in trade worth 580.65 million baht.