PTTGC Returns to Book Profit after Recording Lower Stock Loss and Higher FX Gain!

PTT Global Chemical Public Company Limited (PTTGC) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

The company recorded Net Profit at Baht 1,671 million, recovered from a net loss of Baht 8,784 million in 1Q20.

In 2Q20, PTTGC had total sales revenue at Baht 69,271 million, decreased by 26% from 1Q20 and decreased by 35% from 2Q19. The sales volume increased due to the full utilization of Olefins and Polymers plants after the planned maintenance shutdown in the previous quarter but affected by soft Petroleum and Petrochemical prices led by concerns on the global economy from Covid-19 outbreak.

 

The company had Stock Loss Net Reversal of NRV at Baht 899 million, improved from a loss of Baht 1,402 million in 2Q19 and Baht 8,906 million in 1Q20. Meanwhile, loss from commodity hedging was at Baht 340 million, and Foreign Exchange gain was recorded at Baht 1,501 million resulting from the continuous appreciation of Thai Baht currency in the period, improved from a gain of Baht 692 million in 2Q19 and a loss of Baht 2,193 million in 1Q20.

Moreover, fixed overhead and SG&A expenses decreased from both 1Q20 and 2Q19 due to an intensive expenses control program, employee benefits expense at Baht 784 million in 2Q19, and a decrease in lease expenses but higher depreciation expense after the implementation of TFRS 16 on January 1, 2020.