PTT Records 2Q Profit at ฿25.9bn, Revenue Reaches ฿570bn while Gas Business Improves

PTT Public Company Limited (PTT) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

In the second quarter of 2019, PTT and its subsidiaries reported earnings before Interest, Tax, Depreciation and Amortization (EBITDA) of THB 73,804 million, 8.3% decreased or by THB 6,719 million from the first quarter of 2019. This was mainly due to petrochemical and refining businesses, as well as oil business from higher stock loss in 2Q19, following lower crude oil price that decreased from US$ 67.2 per barrel at the end of 1Q19 to US$ 64.9 per barrel at the end of 2Q19. Additionally, most petroleum crack spreads and petrochemical spreads both olefins and aromatics in 2Q19 also decreased.

Nevertheless, performance of gas business group increased when compared with last quarter mainly from PTT’s Natural Gas Sales and Marketing businesses (S&M) and Gas Separation Plant (GSP) business following higher sales volume, as well as the performance of Petroleum Exploration and Production Business improved from the rise in both average sales volume and selling prices.

Besides, the performance of Technology and Engineering businesses increased mainly from better performance of Global Power Synergy Public Company Limited (GPSC) from the full recognition of Glow Energy Public Company Limited (GLOW)’s performance in 2Q2019.

 

Thus, PTT recorded sales revenue of THB 570,322 million, increasing by THB 19,448 million or 3.5% from 1Q19 mainly from higher sales revenue of Technology and Engineering business (GPSC acquired GLOW), International Trading business and Oil business (higher average selling prices following crude oil prices) including Gas business and Exploration and Production business (higher average sales volume and selling prices). Meanwhile, sales revenue of Petrochemical and Refining business decreased following the drop in sales volume from planned shutdown of TOP and GC in 2Q19, as well as, petrochemical product prices decreased. To conclude, PTT booked a net income in 2Q19 of THB 25,938 million.