PTG Records Flat Earnings Growth in 2Q21 as Marketing Margin Shrinks
PTG recorded a flat growth in 2Q21 earnings as marketing margin dropped while profit sharing from Palm Complex grew.
PTG Energy Public Company Limited (PTG) announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
PTG reported a net profit of 497 million baht in 2Q21, decreased 2.40% from a net profit of 509 million baht in 2Q20.
The company reported revenue from sales and services in 2Q21 was 33,310 million baht, an increase of 49.7% YoY mainly from revenue from oil business continued to grow as a result of the growth in oil sales volume and the increase in oil retail price of 39.6% YoY.
The marketing margin has remained at the appropriate level. However, oil marketing margin during the same period last year was above 2.0 baht per liter. As a result, the marketing margin fell by 7.1% YoY.
Cost of sale and services increased by 10.1% YoY in line with the growing number of oil and LPG service stations, as well as non-oil business branches.
In the meantime, share profit from Palm Complex project was 33 million baht, an increase of 621.1% YoY.