PTTGC Reports a Decline in Net Profit for 2019 due to Lower Sale Prices

PTT Global Chemical Public Company Limited (PTTGC) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

For 2019 performance, PTTGC had total sales revenue at Baht 409,688 million, declined by 21% from the previous year, and had Net profit at Baht 11,682 million, declined by 71% from the previous year, which mainly due to the decrease in average product prices and lower sales volume.

Average products prices decreased as a result of concerns on global economic impacted by US-China trade tension throughout the year, total sales volume decreased due to planned maintenance of major businesses including Aromatics unit in Q2/2019, and Refinery unit in Q4/2019, whilst Thai Baht continued its appreciation. These resulted in the declining performance of major businesses.

Furthermore, in 2019, the company had Share of Profit from Investments in JV and associates at Baht 4,570 million, when combining with Stock Loss Net Reversal of NRVat Baht 114 million, Commodity Hedging gain at Baht 1,248 million, FX gain at Baht 2,007 million, and realized expenses on new regulation about employee benefit under Labor Protection Act at Baht 784 million (Net Deferred income tax),The Company recorded Net profit at Baht 11,682million (Baht 2.59/share), decreased by 71% from 2018.