PTT’s Q2 net profit falls 33 pct from low sales prices

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Thailand’s oil and gas giant PTT Plc last Friday reported that its net profit during the second quarter of this year fell by 33.4 percent, when compared with the same period last year, to about 19.9 billion baht.

According its report to the Stock Exchange of Thailand (SET), PTT said the fall in quarterly net profit was due mainly to the decrease in sales prices in relation to the decrease in global market prices as the average Dubai price decreased by 49.1 percent from US$ 116.5 per barrel in the second quarter of last year to US$ 59.3 per barrel in the second quarter of this year.

PTT, the country’s biggest SET-listed firm with market capitalisation of nearly 706.18 billion baht, said the sales and services during this year’s second quarter fell 34.3 percent from 589.45 billion baht from the second quarter last year to 387.06 billion baht.

However, when compared with those of the period from January to March this year, the sales and services in the second quarter increased about 27.5 percent or 83.55 billion baht to 387.06 billion baht.

PTT said the rise in sales and services This was due mainly to the increase in sales prices in relation to the increase in global market prices as the average Dubai price increased by 34.3 percent from US$ 44.1 per barrel in this year’s first quarter to US$ 59.3 per barrel in the second quarter, and the increase in sales volume as the Thai economy has shown sign of recovery.

As of June 30 this year, PTT and its subsidiaries’ total assets were about 1.04 trillion baht while the total liabilities were about 582.25 billion baht.

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