PTT Books ฿12Bn of Profit in 2Q, Rebounding from a Net Loss in 1Q!

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

PTT reported a net profit of 12,053 million baht in 2Q20, decreased 53.53% when compared to a net profit of 25,938 million baht in 2Q19, but increased from a loss of 1,554 million baht in 1Q20.

In the meantime, there was a higher gain on the foreign exchange rates from foreign currency loans due to the appreciation of Thai Baht against the US Dollar when compared to the previous quarter. Furthermore, the income tax expenses were lower from E&P business due to the change of corporate income tax calculation currency in 2Q20 and the decrease of tax expenses from the decrease of sales revenue, despite an increase in loss on derivatives and impairment of assets of E&P business.

 

In 2Q20, sales revenue of PTT was reported at Baht 341,325 million, decreased by Baht 142,242 million or 29.4% from 1Q20 mainly from lower sales revenue in all business groups from lower average selling prices and average sales volume as a result of the COVID-19 pandemic, many countries around the world have implemented lockdown measures as well as the impact of the oil prices war.

In 2Q20 gain on foreign exchange of Baht 6,747 million, increased by Baht 11,822 million from loss on the foreign exchange rate of Baht 5,075 million in 1Q20, mainly due to unrealized gain from the foreign exchange rate of US Dollar loan as a result of Baht appreciation compared with the previous quarter. (Baht appreciation 1.76 baht per dollar in 2Q20, Baht depreciation 2.50 baht per dollar in 1Q20)

The depreciation and amortization expenses of Baht 34,602 million in 2Q20 decreased by Baht 1,263 million or 3.5%, from 1Q20 of Baht 35,865 million mainly from the depreciation and amortization expenses of E&P business from lower average sales volume.

 

When compared to 2Q19, sales revenue of PTT was reported at Baht 341,325 million, decreased by Baht 228,997 million or 40.2% mainly from lower sales revenue in almost business groups from lower selling prices and sales volume.

Gain on foreign exchange in 2Q20 of Baht 6,747 million, increased by Baht 1,839 million or 37.5% from Baht 4,908 million in 2Q19, mainly due to unrealized gain of US Dollar loan as a result of higher Baht appreciation compared with the same period last year. (Baht appreciation 1.76 baht per dollar in 2Q20, Baht appreciation 1.06 baht per dollar in 2Q19).