Thai PTTCH Q3 net profit down 28 pct, meets forecasts

BANGKOK, Nov 12 (Reuters) - Thailand's top olefins maker, PTT Chemical Pcl (PTTCH), reported a 28 percent decline in quarterly net profit on Friday due to weak product margins and lower output after a plant shutdown. PTTCH, the flagship in the olefins petrochemical business of energy giant PTT Pcl, posted a July-September net profit of 2.03 billion baht ($68.14 million), or 1.35 baht per share, down from 2.82 billion a year earlier. Seven analysts polled by Reuters had an average forecast of a net profit of 2.1 billion baht for the quarter. PTTCH has nameplate capacity of 2.8 million tonnes per year. It makes ethylene and propylene, together called olefins, mostly used in the manufacture of plastics. PTTCH shares rose 28 percent in the third quarter, outperforming the 22 percent rise in the broader market. ($1=29.79 Baht) (Reporting by Khettiya Jittapong; Editing by Alan Raybould) ((; +662 648 9728; Reuters Messaging: * Reuters 3000 Xtra clients can now view daily data on how reported Asian company earnings compare with analysts' forecasts, as measured by Reuters Estimates. Double click on Keywords: PTTCH/RESULTS (If you have a query or comment on this story, send an email to COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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