News Detail

Date/Time
07 Aug 2019 17:33:00
Headline
Submission of the Interim Financial Statements for the three-month and six-month periods ended June 30, 2019 and the Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company Limited and its Subsidiaries
Symbol
PTTGC
Source
PTTGC
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                (Translation)
Ref. No. 16-012/2019

August 7, 2019

Subject:    Submission of the Interim Financial Statements for the three-month and 
six-month periods ended June 30, 2019 and the Management's Discussion and
Analysis (MD&A) of PTT Global Chemical Public Company Limited and its
Subsidiaries
To:    President, The Stock Exchange of Thailand

Attachment:
1.    A copy of the Interim Financial Statements of PTT Global Chemical Public 
Company Limited (the "Company") and its Subsidiaries for the three-month and
six-month periods ended June 30, 2019 and reviewed report of certified public
accountant, with a copy of English translation
2.    Company's and its Subsidiaries performance report (Form F45-3)
3.    Management's Discussion and Analysis (MD&A) Q2/2019 of the Company
We are pleased to submit the Interim Financial Statements for the three-month 
and six-month periods ended June 30, 2019 of the Company and its Subsidiaries,
which were reviewed by our external auditor, Deloitte Touche Tohmatsu Jaiyos
Audit Co., Ltd., and were reviewed by the Company's Audit Committee (details as
per Attachment 1 and 2) and hereby prepared management's discussion and analysis
 (details as per Attachment 3).
In Q2/2019, PTT Global Chemical Public Company Limited ("the Company") had sales
revenue of Baht 106,748 million, decreased by 5% from Q1/2019 and by 17% from
Q2/2018, with operating profit (excluding Stock gain, Net Realizable Value, and
realized on new regulation about employee benefit under Labor Protection Act) at
Baht 4,388 million, decreasing by 13% from Q1/2019 and by 47% from Q2/2018,
resulted from soften overall products price driven by the decline in Dubai crude
oil price, slowdown in global economic impacted from the trade war between the
United States and China and sale volume decrease from planned maintenance
shutdown of Aromatics Plants I in this quarter. These factors impacted to the
decreasing in Olefins and Derivatives price, Aromatics products spread, and
Refinery product spread. By including other items such as stock gain with net
realizable value, and realized on new regulation about employee benefit under
Labor Protection Act Baht 784 million (Net Deferred income tax) in May 2019, net
profit for Q2/2019 reported at Baht 2,202 million (0.49 Baht/Share) decreased
from Q1/2019 and Q2/2018 by 66% and 80% respectively.
Even though Diesel spread declined, Refinery business had an increased gross 
refinery margin (GRM) at 3.46 USD per barrel due to increase in by-product
spread in Naphtha and Reformate. For Aromatics business, even there was
supportive factors from high operating rate of downstream products, concerning
about new supply in the region in the second half of this year has put the
pressure on Aromatics price and consequently reflected to lower products spread
which BTX P2F recorded at 75 USD per ton. For Olefins and Derivatives business,
Polyethylene price was pressured by the trade war between United States and
China while Ethylene Oxide had improvement from fully operates after maintenance
shutdown. Hence, the adjusted EBITDA margin of Olefins & derivatives remained
at 18% in this period. The company adjusted EBITDA in Q2/2019 was Baht 7,582
million, decreased by 22% from Q1/2019 and by 52% from Q2/2018. Beside these,
Share of Profit from Investments (attributable to Owners of the Company) was
Baht 1,283 million, increased by 8% from Q1/2019, mainly from improvement of
Polypropylene business. In this period, the company realized foreign exchange
gain by Baht 692 million from appreciation of Thai baht., however, due to the
fluctuation in Dubai crude oil price and product spread, the company had loss
from Stock gain net NRV of Baht 1,402 million. The company recorded Net profit
for Q2/2019 at Baht 2,202 million, decreasing 66% from Q1/2019 and 80% from
Q2/2018.

Please be informed accordingly.
Sincerely yours,


(Ms. Duangkamol Settanung)
Executive Vice President - Finance and Accounting
______________________________________________________________________
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