PTT PCL's third-quarter profit dropped 30% due to lower selling prices and sales of petroleum products as the Covid-19 pandemic weighed on the overall performance compared with last year.
The Thai state-owned oil-and-gas company's net profit came in at 20.26 billion baht ($668 million), it said late Tuesday. Revenue was down 29% aft THB538.44 billion, the company said.
However, compared on a quarter-on-quarter basis, PTT's financial performance improved as the easing of Covid-19 restrictions led to an uptick in demand.
"The resurgence of a new wave of Covid-19 outbreaks, which forces many countries to re-enforce lockdown measures, as well as the high level of oil inventories are pressuring crude oil prices," the company said.
