PTT's Q2 performance better than expected – analyst

17 August 2009 10:33  [Source: ICIS news]

SINGAPORE (ICIS news)--Thai oil and gas giant PTT posted better-than-expected second-quarter earnings for 2009, mainly due to increased sales of petroleum and petrochemical products, Naphat Chantaraserekul, a senior analyst from Kim Eng, said on Monday.

PTT reported second-quarter earnings of Bt19.9bn ($585m), 16% higher than the analyst's previous forecast.  

However, earnings were down 33% year on year from Bt29.9bn. Sales were down 34% year on year at Bt387.5bn, while operating profit fell 27% year on year to Bt22.5bn.

The company’s second-quarter earnings more than doubled from Bt7.4bn on a quarterly basis. Revenue was up 28% to Bt387bn on a quarterly basis, Chantaraserekul said.

PTT's third quarter was expected to be another strong period due to high petrochemical spreads, rising oil prices and continuing recovery in gas demand, Chantaraserekul added.

($1 = Bt34.02)

Bohan Loh contributed to this article
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By: Terence Teo
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