PTT Global Chemical Public Company Limited (PTTGC) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:
PTTGC has announced the profit for the first quarter of 2019 at THB 6,443 million, decreased by 48% YoY but increased by 59% from the previous quarter. Meanwhile, the sales revenue was recorded at THB 112,783 million, decreased by 7% and 12% from Q1/2018 and Q4/2018 respectively, which was the result from a decline in Dubai crude oil price since late of last year that affected to soften overall products price.
PTTGC has softened core operating profit compared with 4Q18 mainly from the weaker product price. Refinery business had a decreased gross refinery margin (GRM) at 3.22 USD per barrel, which effect from a slowdown in the global economy. Aromatics business has dropped in the margin, BTX P2F at 206 USD per ton and translated to having adjusted EBITDA margin at 8%, because of concerns in new capacity in the region.
For Olefins and Polymer business was pressured by US-China trade war situation but product price is gradually improved since late of last year. Hence, the adjusted EBITDA margin of Olefins & derivatives has slightly increased to 18% in this period.
Meanwhile, the performance was softened from a lesser amount of selling volume of Ethylene Oxide business and Phenol business from planned maintenance shutdown, also soften MEG and Phenol spread. Hence, the company adjusted EBITDA in 1Q19 was THB 9,768 million, decreased by 20% from Q4/2018.
Share of Profit from Investments was THB 1,186 million, decreased by 17% from 4Q18, mainly from reducing in Acrylonitrile (AN) business. While the performance of the bio-plastic business that the company operates through Natureworks in the United States was improved. In this period, PTTGC realized foreign exchange gain by THB 438 million from appreciation of Thai baht and had Stock gain net NRV by THB 1,426 million from increasing of Dubai crude oil in the period. PTTGC had Baht 6,443 million in net profit, increasing 59% from 4Q18.