By Martin Mou

PTT Global Chemical PCL's net profit for the third quarter fell 66% from a year earlier due to lower demand for petroleum products drivn by pandemic restrictions.

The Bangkok-based oil refiner had a net profit of 908 million baht ($29.7 million) for the quarter ended September, while revenue slid 27% to THB76.41 billion, PTT Global said Monday.

The overall spread--the margin for oil refining--for petroleum products declined from both a year earlier and from the second quarter as the Covid-19 pandemic sapped product demand, the company said.

PTT Global said it expects demand for petroleum and petrochemical products to gradually recover in 2021, but warned that prices could continue to face pressure.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

11-09-20 0154ET