PTTGC Reports a Profit of ฿908Mn in 3Q as Olefins and Derivatives Performance Recover

PTT Global Chemical Public Company Limited (PTTGC) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

PTTGC reported a net profit in 3Q20 at 908 million baht, decreased 65.89% from the same period of last year and decreased by 46% from the previous quarter.

In this quarter, Olefins and Derivative’s performance has continued to recover by a higher average price of Polyethylene (PE) by 17% from the previous quarter, however, Refinery and Aromatics businesses were still impacted by Covid-19 outbreak.

PTTGC had stock gain net NRV of Baht 492 million, gain from commodity hedging of Baht 172 million, and foreign exchange loss of Baht 427 million.

In 3Q20, PTTGC had total sales revenue at Baht 76,407 million, increased by 10% from 2Q20 and decreased by 27% from 3Q19. The increase from the previous quarter is driven by the recovery of product prices in line with the crude oil price.