PTG’s Profit Grows to ฿427m in 2Q19 from Oil Sales Volume and Rise of Non-Oil Businesses

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

As for financial performance in 2Q/2019, PTG recorded the net profit of THB 427.94  million, increased 141.79% YoY but decreased 17.9% QoQ.

PTG’s revenue from sales and services was THB 31,844 million, an increase of 17.6% YoY and 11.1% QoQ, due to the growth of oil sales volume and the continued rise of revenue from non-oil businesses. Therefore, the gross profit of this quarter was THB 2,529 million, which grew 39.1% YoY, but dropped 0.3% QoQ as the domestic oil retail prices adjusted at a slower pace than the rise in its costs. However, PTG’s gross profit portion from non-oil businesses slightly increased to 10.9% from 10.4% in the same period of last year.

On the other hand, the selling and administrative expenses were THB1,965 million, an increase of 20.7% YoY and 4.8% QoQ. This increase was from the expansion of the oil and non-oil businesses, and from the change in accounting standard on the reserve for employee benefits from 300 days to 400 days, according to the new labor law announced on April 5, 2019. By changing this accounting standard, employee expenses increased THB 34.7 million. From the above-mentioned information, PTG, therefore, had EBITDA of THB1,359 million, an increase of 53.4% YoY but a decrease of 5.3% QoQ.