PTT’s Net Income Drops to THB20.1 Billion in 2Q23 on Lower EBITDA

PTT Public Company Limited (SET: PTT) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 2Q23, PTT reported a net income of THB20,107 million, decreased by THB18,736 million or 48.2% from 2Q22 at THB38,843 million following the lower EBITDA. However, there was a higher gain on derivative and lower loss on foreign exchange rate, together with lower corporate income taxes. Moreover, there was recognition of non-recurring items (PTT’s portion after tax) in 2Q23 approximately THB20 million mainly from the discount from production shortfall of PTT. While, in 2Q22, there was a loss recognition approximately THB1,500 million mainly from Thaioil Public Company Limited (TOP)’s tax on investment for sales of Global Power Synergy Public Company Limited (GPSC) offset with the discount from production shortfall of PTT. 

EBITDA in 2Q23 was THB92,625 million, decreased by THB90,152 million or 49.3% from last year of THB182,777 million, mainly from Petrochemical and Refining business. Refining business’s performance decreased primarily due to stock loss in this period. PTT’s stock loss in 2Q23 was approximately THB4,000 million, while in 2Q22 there was a stock gain approximately THB19,000 million.

Additionally, market GRM decreased from US$ 21.3 per bbl in 2Q22 to US$ 4.1 per bbl in 2Q23 due to lower spread of jet, gasoil, and gasoline over crude oil, despite the increase in sales volume. Moreover, Petrochemical business’s performance decreased mainly from Olefins business due to the decrease in product spreads. Exploration and Production business’s performance decreased following the lower sales revenue. Other business’s performance decreased from the completed disposal of coal business. Oil and Retail business and International Trading business’s performance decreased mainly from the decrease in average gross margin per unit, despite an increase in sales volume.

In addition, Gas business’s performance decreased mainly from Gas Separation Plant (GSP) business due to a lower average selling price in all products following the decline in petrochemical referenced price, in spite of a higher sales volume. Moreover, gross profit of Transmission pipelines (TM) business decreased due to the revised gas pipeline tariff.