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PTTGC reports higher sales and profits, earnings hurt by drop in para-xylene prices

10:24 AM MDT | August 6, 2014 | Natasha Alperowicz

PTT Global Chemical (PTTGC; Bangkok) today reported a 46% increase in second-quarter net profit, to 6.09 billion Thai baht ($188.8 million) on 36% higher revenues of baht152.4 billion. Ebitda was down 9%, to baht10.5 billion, and Ebitda margin declined from 10% in the second quarter of 2013 to 7% in the latest quarter. The company cites improved utilization rates in the refinery and olefins and olefins and derivatives businesses. Refining accounts for 46% of sales, olefins and derivatives 23%, aromatics 19%, and green chemicals 6%.   A significant drop in...

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