PTT Public Company Limited (SET: PTT) has announced its 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
Net income of PTT and its subsidiaries in 1Q2025 was Baht 23,315 million, decreased by Baht 5,653 million or 19.5%from the 1Q2024 at Baht 28,968 million mainly due to the decline in EBITDA as aforementioned, despite an increase in foreign exchange gains and a reduction in derivative losses.
However, net income increased more than 100.0% from 4Q2024 at Baht 9,311 million. This increase was mainly from higher EBITDA as aforementioned, as well as increased gains from foreign exchange and reduced losses from derivatives. Additionally, in 1Q2025, there were losses on recognition of non-recurring items (PTT’s portion) after tax of approximately Baht 200 million, primarily due to IRPC’s share of impairment loss of UCHA. In contrast, in 4Q2024, non-recurring items (PTT’s portion) after tax were recognized as losses of approximately Baht 5,000 million, primarily due to impairment loss and provision of Vencorex Group and PTT Asahi Chemical Company Limited (PTTAC) of PTT Global Chemical Public Company Limited (GC) of approximately Baht 2,200 million, and profit-sharing compensation of PTTGM of approximately Baht 2,200 million.
In 1Q2025, sales revenue of PTT and its subsidiaries was reported at Baht 700,223 million decreased from 1Q2024 by Baht 82,056 million or 10.5%, mainly from International Trading business and Petrochemical and Refining business, as a result of lower selling price following global oil price. In addition, Gas business’s sales revenue declined mainly from S&T business which had lower average gas sales volume, driven by new shippers increasing their LNG import for their own power plants.
Moreover, the average selling price decreased following the pool gas price, due to the recognition of the Single Pool Gas policy impact which started from May 2024 onwards, together with the adjustment of the natural gas supply margin rate for the natural gas procurement and wholesale licensees in accordance with the resolution of the ERC which was effective from 1 March 2024 onwards.
Additionally, the average selling price for the industrial customers decreased in line with reference prices. Even though, in 1Q2024, there was the adjustment of using the shortfall from the Gulf of Thailand amounting to Baht 4,300 million to calculate a discount on the pool gas price according to the ERC’s directive. However, GSP business’s sales revenue increased following an increase in the overall sales volume mainly driven by Ethane from the optimization of GSP production plan, although the average selling price was close to the same period last year.
