By P.R. Venkat

PTT Global Chemical PCL said its net profit for the second quarter fell 24% from a year earlier due to lower demand for petroleum products caused by pandemic restrictions.

The Bangkok-based oil refiner had a net profit of 1.67 billion baht ($53.7 million) for the quarter ended June 30, while revenue was down 35% to THB69.27 billion, PTT Global said Friday.

However, the results were better than the first quarter when the company posted a loss. It booked an THB8.91 billion loss on the net realizable value of its inventory due to a fall in global crude-oil prices.

Prices have since recovered and are now trading at more than $40 a barrel.

"For Petroleum products, the company anticipates that products price and products spread will be under pressure from the uncertainty as mentioned previously, which will impact the global fuel consumption, especially jet fuel consumption and gasoline consumption," PTT Global said. 



  Write to P.R. Venkat at venkat.pr@wsj.com