Thai PTT Global Q2 net profit down 90 pct
BANGKOK Aug 7 (Reuters) - PTT Global Chemical (PTTGC) , Thailand's largest petrochemical firm, reported a 90 percent drop in its second-quarter net profit on Tuesday as the drop in global oil prices hit the value of its product inventories.
PTTGC, 49 percent owned by oil firm PTT Pcl, posted a net profit o f 851.34 million thai baht ($27 million) f or the April-June pe riod, down from 8.78 billion a year earlier.
Ten analysts polled by Reuters had forecast profits in a range of 454 million to 1.5 billion baht for the quarter.
The company has a petrochemicals production capacity of 8.2 million tonnes a year and refining capacity of 280,000 barrels per day. It plans to invest $11 billion by 2020 to expand capacity, with a focus on high-margin speciality and green products. ($1=31.4950 Thai baht) (Reporting by Khettiya Jittapong; Editing by Greg Mahlich)
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