PTT profit off 74%
- Published: 10 Aug 2012 at 21.01
- Online news:
PTT Plc, Thailand's biggest company, said that its net profit declined 74% in the second quarter from the same period last year after lower crude oil prices slashed contributions from its energy and refinery units.
Net profit was 8.51 billion baht, or 2.98 baht a share, down from a revised 32.3 billion baht (11.32 baht a share) in the April-June period a year earlier, the commpany told the Stock Excvhange of hailand after trading ended on Friday.The result compared with an average estimate of 20.98 billion baht from four analysts surveyed by Bloomberg.For the first half, consolidated net profit was 45.9 billion baht (16.07 baht a share), a decrease of 31.7% from 67.2 billion (23.57 baht a share) a year earlier.PTT's earnings were hurt by a profit slump at PTT Exploration & Production Plc, which accounted for 29% of the parent company's net income last year, and a bigger-than-expected loss at the refiner Thai Oil.A rebound in oil prices should fuel a recovery...
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