In today’s briefing:
- Earnings Review – PTT Oil and Retail Business Plc. (OR)
Earnings Review – PTT Oil and Retail Business Plc. (OR)
- OR delivered a 2Q23 NP of Bt2.76bn (-58% YoY, -7% QoQ), in line with our projection of Bt2.77bn.
- The core profit marked at Bt2.56bn in 2Q23 (-59% YoY, -15.5% QoQ).
- Its core earnings were pressured on a YoY basis by the mobility business, whose gross margin per liter narrowed to Bt0.96/liter in 2Q23 (vs. the high base of Bt1.61/liter in 2Q22).
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