Thailand: PTT profit surges 95% in first quarter

Thailand: PTT profit surges 95% in first quarter

PTT Plc reported a 95% year-on-year jump in net profit to 46.2 billion baht
for the first quarter of this year, driven by higher global oil and
petrochemical prices.

Earnings per share for the first quarter leapt to 16.09 baht from 8.23 baht
in the same period last year.

Average Dubai crude prices jumped 74.5% year-on-year to $53.1 a barrel in
the first quarter, compared to $30.4 in the same period last year, it said.

Compared to the previous quarter, net income surged 141.9%, or 27 billion
baht, mainly due to the low base as its affiliates recognised an impairment
loss in the fourth quarter last year, according to a filing with the Stock
Exchange of Thailand on Monday evening.

Sales revenue rose 31.9% year-on-year to 509.8 million baht, mainly from
international trading and petrochemical and refining.

The increase of global oil and petrochemical prices resulted in higher
margins.

Foreign exchange gains also grew during the period due to a stronger baht
against the US dollar even though corporate income taxes increased on the
higher profit.

PTT shares rose 1.3% to 386 baht in trade worth 1.4 billion baht on Monday
compared to a 0.4% decline of the Stock Exchange of Thailand index. The
filing was made after the market closed.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1250083/ptt-profit-surges-95-in-fir
st-quarter

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com