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PTT Chemicals’ net profit seen growing 49% year on year in 2011

December 02/2010

(ICIS) -- PTT Chemicals’ (PTTCH) net profit is expected to grow 49% year on year in 2011 to Thai baht (Bht) 17.5bn ($58.24m), spurred by higher product prices and improving demand, DBS Group Research said on Thursday.


PTTCH’s key product prices would increase “across the board” during the 2011-2013 period to reflect improving demand resulting from the global economic recovery and sustainable high crude oil prices, DBS said in a research report.


Prices of PTTCH’s monoethylene glycol (MEG) and low density polyethylene (LDPE) were expected to increase to $1,000/tonne and $1,500/tonne respectively in 2011, as compared to $900/tonne and $1,350/tonne in previous estimates, the report said.


Revenue for the whole of 2011, meanwhile, was expected to grow 21.4% year on year to Bht 124.7bn, according to the research report.


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