Thai PTTCH Q2 net profit down 59 pct, in line

BANGKOK, Aug 13 (Reuters) - PTT Chemical PCL PTTC.BK (PTTCH), Thailand's largest olefins maker, reported a 59 percent fall in second-quarter net profit on Thursday, due mainly to a lower product spread than a year earlier.

PTTCH, a flagship in the olefins petrochemical business of energy giant PTT PTT.BK, posted an April-June net profit of 2.14 billion baht ($63 million) versus a net profit of 5.28 billion baht a year earlier.

But earnings improved from the previous quarter, when it posted a net loss of 393 million baht, thanks to higher prices for key products such as high density plastic pellets.

Seven analysts surveyed by Reuters had forecast an average net profit of 2.2 billion baht for the quarter.

PTTCH produces ethylene and propylene, together called olefins, used to make plastic pellets, especially for the packaging industry. ($1=34.00 Baht) (Reporting by Khettiya Jittapong; Editing by Alan Raybould)