PTT’s 2009 profit rises 15 pct to B59.5 bln

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Thailand’s largest energy firm PTT Plc on Monday reported its 2009 net profit of 59.5 billion baht, an increase of 15 percent or 7.8 billion baht from that of 2008.

In a letter to the Stock Exchange of Thailand (SET), PTT’s president and chief executive officer Prasert Bunsumpun reported that the company’s consolidated net profit in 2009 rose to 59.55 billion from 51.7 billion baht a year earlier, resulting an increase in the earnings per share to 21.06 baht from 18.33 baht in 2008.

Last Friday, PTT had earlier submitted its financial statements, together with the company’s performance report and management’s discussion and analysis, to the SET, showing that the income from PTT’s sales and services last year was about 1,586.17 billion baht which dropped as much as 20.7 percent from 2,000.82 billion baht in 2008.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2009 were 142.7 billion baht, a drop of 8.7 percent from the 2008 EBITDA of 156.24 billion baht.

The report said the lower income from sales and services in 2009 was mainly due to the decrease in sales prices relatively to the decrease in global market prices during the year. However, it said, the share of net income from investments in PTT’s associates was 18.77 billion baht, an increase of 25.02 billion when compared with that of 2008 when the company faced a huge net loss of 6.25 billion baht from investment in associates.

The favourable net income in 2009 is mainly resulted from the better performance of the company’s refining associates from the higher gross refining margin (GRM), especially from stock gain, when compared with that of 2008 when the company faced a huge inventory loss due to the sharp drop in crude oil and refined product prices in the second half of the year.

Moreover, PTT reported a gain on foreign exchange of some 4.68 billion baht last year after a loss of 1.98 billion baht in 2008.

At the end of December last year, PTT is still Thailand’s biggest listed company with the total assets of 1,103.59 billion baht and the total liabilities of 605.5 billion baht.

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