PTT Exploration and Production Plc (PTTEP) on Tuesday reported a net profit of 5.26 billion baht for the third quarter of this year, falling as much as 60 percent from the same period last year.
According to its report to the Stock Exchange of Thailand, PTTEP, 65 percent owned by Thailand’s oil and gas giant PTT Plc, said the company and its subsidiaries’ total revenues in the third quarter dropped by 27 percent from the same period last year to 30.77 billion baht while total expenses rose by 20 percent to 22.42 billion baht, when compared with the same period last year.
When compared with the second quarter of this year, PTTEP and subsidiaries’ net profit of 5.26 billion baht fell by 19 percent from the previous quarter’s net profit of 6.5 billion baht.
The total revenue of 30.77 billion baht however increased slightly by seven percent or 2.05 billion baht from that of the second quarter this year which had been recorded at 28.72 billion baht, mainly due to higher sales volume and price during the third quarter.
The company said the increase in sales volume during the third quarter mainly came from natural gas and condensate sales volume from its Bongkot project and natural gas sales volume from Arthit North project, both in the Gulf of Thailand.
However, the company said, there was a decrease in natural gas and condensate sales volume from Arthit project and crude oil sales volume from PTTEP Australasia’s project in this quarter.
The operating results in the third quarter has totalled the net profit during the first nine months of PTTEP to 17.5 billion baht, which is still much lower than the net profit of nearly 34.9 billion baht during the same period of last year.
However, as of the end of last month, PTTEP and subsidiaries commanded the total assets of 290.48 billion baht, an increase of 52.22 billion or 22 percent from the total assets at the end last year, mainly due to an increase of oil and gas properties from the Montara area in the PTTEP Australasia’s project.