Higher petrochemical margins propel Thai PTT Aromatics Q1 net profit by 35%

27-Apr-10

As forecast, PTT Aromatics and Refining has reported a 35% rise Q1-10 earnings. The increase in earnings of Thailand's largest integrated aromatics refinery was propelled by higher petrochemical margins. PTTAR has capacity to refine 280,000 bpd of oil and 2.26 mln tpa of aromatics products. PTTAR has posted a January-March net profit of 2.36 bln baht (US$73.31 mln) vs 1.74 bln baht recorded in the same period last year. Analysts expect PTTAR's earnings to remain strong in Q2-2010 due to strong demand driven by the global economic recovery. PTT is expected to shortly announce a plan to consolidate its petrochemical and refinery businesses, involving a merger between PTTAR and IRPC.