Fall in crude oil price, refining margin erode PTT Group’s Q3 net profit
PTT Group's third-quarter net profit this year plunged 62.30% year on year to 18.16 billion baht, from 48.18 billion, due to a decline in crude oil price and refining margin.
The group's net profit during the first nine months from January to September was down 9.33%, at 168.55 billion baht, from 185.89 billion baht in the same period last year.
PTT Group consists of seven companies, namely PTT, PTT Exploration and Production (PTTEP), Thaioil (TOP), PTT Global Chemical (PTTGC), PTT Oil and Retail Business (OR), IRPC and Global Power Synergy (GPSC).
The third-quarter net profit of PTT, TOP, PTTGC, IRPC, OR and GPSC dropped due to a decline in crude oil price and refining margin.
However, PTTEP witnessed a rise in third-quarter net profit of 24.17 billion baht, up 153% year on year. Meanwhile, the net profit in its first nine months was 55.29 billion baht, up 96% year on year.
PTT's third-quarter net profit was 8.88 billion baht, down 14.76 billion baht, or 62.4%, from 23.65 billion baht last year. Net profit in the first nine months was 73.30 billion baht, down 9.30% from 80.81 billion baht last year.
PTT president and CEO Auttapol Rerkpiboon said the company faced a decline in third-quarter net profit due to loss in derivatives, income tax and foreign exchange.
He said a decline in PTT's third-quarter net profit accounted for 13% of PTT Group's third-quarter net profit.
"The group's third-quarter net profit was affected by a decline in crude oil price amid uncertainty over the global economic recession," he said.
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