Thailand's PTT Global Chemical posted a net profit of Baht 12.91 billion ($419 million) for the quarter ended September 30, up 114% from Baht 6.04 billion recorded in Q3 2011, the company said late Tuesday.
Total income for the reporting quarter stood at Baht 145.31 billion, up 6% from Baht 137.29 billion on year.
The comparison of the latest results with the 2011 figures was based on unaudited proforma financial statements for 2011, as PTTGC was formed through an amalagmation of PTT Chemical and PTT Aromatics and Refining, and registered itself as a company on October 19, 2011.
Meanwhile, PTTGC said higher sales volumes and run rates offset the lower prices.
HDPE prices averaged $1,343/mt in Q3 2012 versus $1,399/mt in Q3 2011, while LDPE prices were at $1,327/mt against $1,586/mt in the same quarter last year.
PTTGC and its subsidiaries recorded an EBITDA of Baht 18.3 billion in Q3, up Baht 6.09 billion, or 50%, from Q3 2011, the company said.
For its aromatics business, PTTGC said its paraxylene-condensate price spread in Q3 narrowed to $430/mt in Q3 2012 against $590/mt in Q3 2011. But this was offset by a wider benzene-condensate price spread of $263/mt versus $184/mt in Q3 2011.
