PTTGC's net loss was THB 13.3 billion

Recently, PTT Global Chemical (PTTGC) released its third quarter financial report. The financial report showed that the company had a net loss of 13.3 billion baht in the current period, while the net profit in the third quarter of last year was 7 billion baht; The sales volume increased by 62% year on year to 181.5 billion baht. PTTGC said that the decline in the price of petrochemical products and the narrowing of gross profit led to a decline in profits in the current period.

For each sub business, PTTGC said that in the upstream business, due to the decline in polyester demand, the difference between the oil prices of paraxylene and pure benzene to condensate declined, and the performance of aromatics declined quarter on quarter. The olefin business performance also fell quarter on quarter, because the downstream market weakened, leading to the decline in ethylene prices. The total sales volume of intermediate business was 709000 tons, down 8% quarter on quarter. Due to the global economic recession and inflation concerns, the decline of phenol, ethylene glycol and purified terephthalic acid (PTA) markets has weakened downstream demand. In terms of polymer and chemicals business, the demand for polymer declined, leading to a decline in performance on a month on month basis.