PTT Chemical PCL, Thailand’s largest olefins maker, reported a net loss in the first quarter on Wednesday, due mainly to weak margins and a foreign exchange loss.
PTTCH, a flagship in the olefins petrochemical business of energy giant PTT, posted a January-March net loss of 392 million baht, versus a net profit of 5.72 billion baht a year earlier.
It was its second consecutive quarter of losses after PTTCH made a net loss of 4.18 billion baht in the fourth quarter.
Nine analysts surveyed by Reuters had forecast a net loss in a range of 111 and 387 million baht for the quarter.
PTTCH produces ethylene and propylene, together called olefins, used to make plastic pellets, especially for the packaging industry.