PTT Global Chem Profit Beats On Higher Sales Volume, Refining Margins
BANGKOK, Nov 8 (Reuters) - Thailand's PTT Global Chemical, the petrochemical arm of energy giant PTT Group, reported a 60 percent jump in third-quarter profit on Wednesday, beating analyst estimates, on higher sales volumes and selling prices.
PTTGC's profit came in at 9.95 billion baht ($300.51 million) for the third quarter ended September as refinery spreads widened due to the impact of hurricane Harvey on the U.S. Gulf Coast oil industry, the company said in a statement.
Analysts were expecting 9.83 billion baht in quarterly profit, according to a Reuters poll.
Refinery shutdowns in the Netherlands, Indonesia and Mexico also tightened supply and increased spreads of petroleum products from the year-earlier period, the company said.
The company's gross refining margins (GRM), or the difference in the price of petroleum products and crude oil, nearly doubled to $8.08 per barrel from a year earlier.
Stock gains of 481 million baht on higher crude oil prices also boosted the quarter, the company said.
Earnings of another PTT petrochemical unit, IRPC, doubled on rising oil prices, it reported last week.
($1 = 33.1100 baht)
(Reporting by Chayut Setboonsarng; Editing by Amrutha Gayathri)
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