PTT Returns to Profit in 1Q21, Booking ฿32.5bn from an Outstanding Refinery Business

PTT Public Company Limited (PTT) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

PTT reported a net profit of 32,587 million baht in 1Q21, improved from a net loss of 1,554 million baht in 1Q20. This resulted from the improved EBITDA, including non-recurring items (PTT’s portion as aforementioned in 1Q21, besides, there was a lower loss from foreign exchange rate on foreign loans due tolower Baht depreciation against US Dollar in 1Q21 compared to 1Q20 despite higher losses from derivatives and higher income tax expenses.

 

In 1Q2021, PTT reported EBITDA increased by 70,612 million baht or more than 100.0% when compared to the first quarter of year 2020. This was mainly from the petrochemical and refining businesses that the refining business’ performance significantly increased from stock gain approximately 12,000 millionin baht in 1Q21 due to the increase in crude oil prices from the end of 4Q20, while there was stock loss approximately 32,000 million baht in 1Q20, resulted in accounting GRM increased to US$ 6.9 per barrel in 1Q21 from loss US$ 7.6 per barrel in 1Q2020.

The petrochemical business’s performance also increased from higher overall petrochemical product spreads both of the olefins and aromatics following improved demand from downstream products. The international trading businessrecorded improved performance mainly from better gross marginof domestic condensate.

In addition, the gas business had increased performance mainly from lower feed gas cost and higher average selling pricesof GSP and S&M that selling to industrial customers.

The oil business’s performance increased fromhigher gross margin, despite lower sales volume due to COVID-19 impacts. However, the exploration and production business’s performance decreased from lower average selling prices despite the increase in sales volume.