Thai PTT Q1 net profit up 15.8%, beats forecasts
16-MAY-2008 Intellasia | Reuters
May 16, 2008 - 7:00:00 AM
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PTT PCL, Thailand's largest energy firm, reported a better-than-expected 15.8% rise in quarterly earnings on Wednesday as strong gas sales outweighed weak oil refining margins.
Asia Pacific's third-largest integrated oil and gas firm by market value reported a net profit of 26.1 billion baht (US$807 million) for the January-March period, up from 22.57 billion baht a year earlier.
That was above an average forecast of 25 billion baht from 7 analysts surveyed by Reuters.
The state-controlled company should continue to report earnings growth this year due to rising oil prices and higher output from new gas fields, analysts said.
PTT, Thailand's biggest listed company with a market value of about US$30 billion, runs the country's gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses.
Shares in PTT fell 16% in the January-March period, underperforming a 4.8% fall on the main Thai stock index.
The stock was hurt by concerns about the impact on earnings after PTT was ordered late last year to transfer pipeline assets to the government. The transfer is due to happen by July.
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