PTG Sinks Deep and Fast! 3Q18’s Profit Plunges 100% from Higher Oil Price!
PTG's 3Q18's profit shrunk to ฿1.98 million, down from ฿228 million or 99.13% YoY.
PTG Energy Public Company Limited (PTG) has reported its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:
Due to the sharply increase in the world oil prices, the Thai Government’s appeal to the petroleum retailers to cooperate to cap the price of diesel to be at ฿30 per liter while the cost rapidly rose. As a result, the growth of PTG’s gross profit was lower than expected.
In 3Q/2018, the gross profit per liter decreased according to the appeal from the Thai Government and the increase in SG&A expenses from the oil and non-oil businesses expansion.
In addition, financial cost was ฿75 million, an increase of ฿27 million YoY and ฿4 million QoQ. The main factor of the increase was the growth in loans from financial institutions to invest in the oil business and other related businesses.
