PTG Reports a ฿203M of Profit in 1Q, Hurting by TFRS and Lower Marketing Margin

PTG Reports a ฿203M of Profit in 1Q, Hurting by TFRS and Lower Marketing Margin.

PTG Energy Public Company Limited (PTG) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

PTG reported a net profit of 203 million baht, decreased 60.89% when compared to a net profit of 519 million baht in 1Q19. The decrease was due to the decline in marketing margin and the adjustment in financial reporting in accordance with the accounting standards change.

Without adjusting financial reporting, PTG would have had a net profit of 251 million baht, a decrease of 51.6% YoY and a decrease of 30.2% QoQ. In other words, the effect of the financial reporting adjustment in accordance with the accounting standardno. 16 equaled to 47 million baht.

PTG had revenue from sales and services of 29,121 million baht in 1Q20, representing an increase of 1.6% YoY due to the increase in oil sales volume.

Oil sales volume continuously increased, although the retail industry oil consumption decreased in this quarter. PTG had a total oil sales volume of 1,217 million liters, an increase of 9.7% YoY but down 1.9% QoQ. As a result, PTG has a market share of oil through all channels equal to 14.1%, which is the country’s second rank. Nevertheless, PTG’s oil sales volume has grown below the target due to the impact of the economic contraction and the outbreak of the COVID-19 virus.