PTT Group subsidiaries see 24% profit fall in first quarter
Six listed companies under PTT Group earned a combined net profit of THB27.5 billion in the first quarter, a 24 per cent decline from THB36.2 billion during the same period last year.
PTT Exploration and Production (PTTEP), PTT Oil and Retail Business (OR), PTT Global Chemical (PTTGC), IRPC Pcl, Thai Oil, and Global Power Synergy (GPSC) reported their performance to the Stock Exchange of Thailand.
Analysts on Thursday forecast continued growth in the second quarter, as global fuel prices remain high – above US$100 (THB3,472.50) per barrel.
Kitichan Sirisukarcha, head of retail research at CGS-CIMB Securities (Thailand), said the high global oil prices would boost domestic retail prices.
He said PTTEP and the group’s other oil-related businesses would see increased profits in the second quarter due to higher demand resulting from an economic recovery following Thailand’s reopening.
However, the outlook for PTT Group’s petrochemical business would not be so bright due to higher costs incurred from increased oil prices, the senior analyst said.
Meanwhile, Yuanta Securities vice president Natapon Khamthakrue said PTTEP’s profits were higher than expected, while the performance of most other companies in the group was not beyond expectations.
He believed the petroleum giant’s profits in the second quarter would stabilise or decline as oil prices were unlikely to increase at the same rate experienced earlier this year.
However, Natapon expected PTT’s refinery businesses such as PTTEP and Thai Oil to gain higher profits in the second quarter.
Jakapong Chawengsri, an analyst at Kasikorn Securities, said PTTGC and OR profits in the first quarter were higher than expected, while GPSC’s profit was lower.
He expected net profits of PTTEP and GPSC to recover in the second quarter.
