Thai oil firm PTT reports 26% fall in Q4 net profit to $538m

17 February 2012 12:27  [Source: ICIS news]

LONDON (ICIS)--Thai state oil firm PTT on Friday reported a 26% drop in its fourth-quarter net profit to baht (Bt) 16.6bn ($538m, €409m) after fuel demand was negatively affected by floods.

The company added that earnings were also negatively impacted by lower petrochemical and oil margins.

PTT’s fourth-quarter sales revenue was Bt595.37bn, increasing by 21% year on year, mainly because of an increase in selling prices and a rise in sales volumes in almost all products.

The group’s total earnings before finance costs, income taxes, depreciation and amortisation (EBITDA), including other non-operating income and expenses, increased by 22% year on year to Bt50.98bn.

In PTT's petrochemical business group, EBITDA in the fourth quarter rose by 32% year on year to Bt614m, while 
sales revenue was reported as Bt18.54bn, up by 38% from the same period a year before. This was mainly because of an increase in average selling price and sales volume of PTT’s subsidiary polymer marketing business, PTTPM, by 7.8% and 27%, respectively.

Year on year, EBITDA in PTT's petrochemical business group was Bt3.78bn from Bt1.20bn in 2010, while sales revenue in 2011 increased by 62%, or Bt28.71bn, mainly resulting from the increase of PTTPM's sales volumes and average selling prices by 50% and 7.7%, respectively, compared with 2010, the company said.

For the whole of 2011, PTT as a group recorded a net profit of Bt105.3bn, up 25% year on year from Bt83.99bn in 2010, while sales revenue grew by 28% to Bt2,428bn. The group's EBITDA in 2011 rose by 24% year on year to Bt210.75bn.

($1 = Bt30.86, €1 = Bt40.56)

By: Franco Capaldo
+44 (0)20 8652 3214

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