Thai PTT Q2 net up 13.8 pct on gas, refineries
August 11th, 2008 | by mantrionline |State-controlled PTT PCL PTT.BK, Thailand’s largest energy firm, reported a better-than-expected 13.8 percent rise in quarterly earnings on Monday thanks to higher gas sales and profits from its refinery business.
Analysts have said Asia-Pacific’s third-largest integrated oil and gas firm by market value should see earnings growth this year, given the strength in oil prices and higher output from new gas fields, though second-half growth may be checked as crude oil has dropped more than 21 percent from its recent record high.
April-June net profit was 29.9 billion baht ($887 million) versus 26.27 billion baht a year earlier, slightly above an average forecast of 29 billion baht from seven analysts surveyed by Reuters.
Soaring oil prices have helped energy firms to a bumper quarter. Takeover target Origin Energy Ltd (ORG.AX: Quote, Profile, Research), Australia’s number two energy retailer, last month posted record annual revenue.
PTT’s second-quarter revenue rose 60 percent to 584 billion baht due to rising gas sales, while income from operations rose 9.3 percent to 35 billion baht, according to its financial statement.
Thailand’s biggest listed company, valued at about $21 billion, runs the country’s gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses.
Its PTT Exploration and Production PTTE.BK (PTTEP) unit posted an 82 percent jump in second-quarter net profit last month and analysts expect sales volume to rise 15 percent a year in the next five years.
PTT has major interests in five of Thailand’s seven refineries, including top refiner Thai Oil TOP.BK, which last week posted a record quarterly net profit, up 59 percent.
PTT shares, which trade at more than 7.3 times estimated 2008 earnings, fell 4.4 percent in April-June, in line with the broader Thai market .SETI. ($1= 33.75 Baht)
