PTTGC Records THB82 Million of Net Profit in 1Q23

PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
82.45 2,596.01
Earning Per Share
0.0200 0.5800
% Change -96.82

PTTGC recorded net profit of 82 million baht in 1Q23, decreased 97% from a net profit of 2,596 million baht in 1Q22. The company had lower sales revenue in the quarter, dropping by 16% YoY to 147,248 million baht, but 18% better than the previous quarter.

The company booked a stock loss and NRV of 1,359 million baht, compared to a gain of 4,884 million baht in 1Q22, but improved from a stock loss of 3,518 million baht in 4Q22. Meanwhile, PTTGC performed well on gain on commodity hedging with 943 million baht for the quarter, compared to 8,568 million baht of loss in 1Q22 and 356 million baht of gain in 4Q22.

SG&A expenses also dropped by 16% YoY and 19% QoQ due to its efficiency in cost management.

FX gain dropped by 58% YoY and 83% QoQ to 696 million baht in the first quarter of 2023. Meanwhile, the company recorded a share of loss from investment at the amount of 152 million baht, compared to a gain of 1,150 million baht in 1Q22 and a loss of 381 million baht in 4Q22.