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Thai PTTCH Q3 net profit down 43 pct, below forecasts

Tue Nov 10, 2009 7:18am EST

BANGKOK, Nov 10 (Reuters) - PTT Chemical PCL PTTC.BK (PTTCH), Thailand's largest olefins maker, reported a 43 percent fall in third-quarter net profit on Tuesday due mainly to a drop in product spreads from a year earlier.

PTTCH, a flagship in the olefins petrochemical business of energy giant PTT PTT.BK, posted a July-September net profit of 2.82 billion baht ($84.66 million), or 1.88 baht per share, versus a net profit of 4.93 billion a year earlier.

But earnings rose from the 2.14 billion baht it made in the previous quarter thanks to higher petrochemical prices and better margins as a result of a recovery in demand and delays in new supply coming into the market.

Five analysts surveyed by Reuters had forecast an average net profit of 3.05 billion baht for the quarter.

Third-quarter earnings are expected to be the best of the year. Profit should be weaker in the fourth quarter due to falling product spreads, analysts said.

PTTCH produces ethylene and propylene, together called olefins, used to make plastic pellets, especially for the packaging industry. ($1=33.42 Baht) (Reporting by Khettiya Jittapong; Editing by Alan Raybould)



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