Thailand’s oil and gas powerhouse PTT Plc yesterday reported its net loss of nearly 22.19 billion baht for the fourth quarter of last year, resulting in a drop of 47.1 percent in net profit to 51.7 billion baht for the entire 2008 from the previous year.
In 2007, the country’s top energy firm posted a net profit of 24.48 billion baht in the fourth quarter and a net profit of 97.8 billion baht for the entire year.
PTT’s chief executive officer and president Prasert Bunsumpun stated in a statement submitted to the Stock Exchange of Thailand (SET) that the net loss of PTT and its subsidiaries in last year’s fourth quarter was mainly due to no gain on disposal of investment in the quarter, shares of net loss from its investments in subsidiaries and losses on foreign exchange.
The sales and services and the earnings before interest, taxes, depreciation and amortization (EBITDA) in the quarter also decreased by 24.9 and 34.3 percent respectively from the same quarter in 2007 to 337.09 and 22.08 billion baht, mainly from the decrease in both sales volume of oil, natural gas and gas separation plants’ products due to the economic recession and lower sales prices of oil and other related products.
The share of net loss from investments in its subsidiaries was nearly 23.89 billion baht from the share of net profit worth 8.94 billion baht from the same quarter in 2007, said in the statement.
As of December 31 last year, PTT and its subsidiaries had the total assets worth 885.2 billion baht, against the total liabilities of 454.67 billion baht.
The quarterly loss of PTT and its subsidiaries was the first since being listed in the Thai bourse in late 2001.