PTT posts record Q3 loss, hit by weak oil prices
published : 13 Nov 2015 at 10:27
PTT Plc reported another record net loss in the third quarter, mainly due to losses at its upstream and exploration subsidiary and a weak gas business.
The country's largest energy company posted a net loss of 26.6 billion baht for July-September, higher than the average forecast for a loss of 24 billion baht from eight analysts polled by Reuters. Its previous record loss was 26.6 billion baht in fourth quarter of 2014.
Third-quarter sales fell 27% on the year, mainly due to lower prices of petroleum and petrochemical products, while the depreciation of the baht against the dollar led to a foreign exchange loss of 6.9 billion baht, it said in a statement Thursday.
The third quarter is likely to be the weakest period for state-controlled PTT and earnings should recover in the fourth quarter when PTT will book gain from selling its 36% stake in refiner Star Petroleum Refining Plc in an IPO later this month, analysts said.
Analysts have cut earnings forecast for PTT by 30-60% to reflect weaker performance of its subsidiaries, which are affected by weakness of global oil prices.