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Thailand’s PTTGC reports sharp decline in Q3 profit

by ChemOrbis Editorial Team - content@chemorbis.com
  • 09/11/2015 (14:08)
According to media reports, Thailand’s PTT Global Chemical’s net profit plunged 84% to THB1.21 billion ($33.8 million) in the third quarter of this year from a year earlier due to lower refinery and petrochemical margins and inventory losses. Reuters analysts had expected the company to report a net profit of THB1.45 billion ($40.3 million) in the July-September period.

Lower crude oil prices pulled down the refinery margins in spite of strong operating rates while a weaker baht against the US dollar also resulted in a THB2.14 billion ($59.5 million) loss due to PTTGC’S debt of around $1 billion.

However, some analysts report that they expect to see some improvement in the company’s net profit in the fourth quarter in line with improved oil prices and stronger seasonal demand.
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