Thailand's PTT Q2 net profit slips 16% on higher expenses

12 August 2010 06:00  [Source: ICIS news]

SINGAPORE (ICIS)--Southeast Asia's oil and gas giant PTT reported a 16.1% year-on-year decline in second-quarter net profit to baht (Bht) 16.69bn ($523m) as higher finance costs offset the strong revenue gains.

The company booked Bht495.68bn in revenues in the three months to June, up 28.1% year on year as sales prices and volumes increased in line with the economic recovery, PTT said.

Finance costs, however, jumped 15.9% year on year to Bht3.89bn, PTT said.

In the first half of 2010, the company's net profit climbed 45.2% year on year to Bht39.71bn, with sales up 36.9% to Bht945.05bn, it said.

($1 = Bht31.90)

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By: Pearl Bantillo
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