Thai Oil first-quarter net profit flat

09 May 2012 12:46  [Source: ICIS news]

SINGAPORE (ICIS)--Thai Oil reported on Wednesday a baht (Bt) 7.23bn ($233m, €179m) net profit in the first quarter of 2012, unchanged from the previous corresponding period, with lower tax and bigger foreign exchange gains offsetting declines in margins.

Its gross integrated margins, including stock gain, for the quarter fell by $3.9/bbl year on year, or by 25%, to $11.7/bbl, the company said in a filing to the Stock Exchange of Thailand.

Sales for the first three months of the year were up by 4.7 %, to Bt117.1bn, but earnings before interest, tax, amortisation and depreciation (EBITDA) fell by 28%, to Bt8.65bn, the company said.

Thai Oil booked Bt1.16bn in foreign exchange gains during the quarter, compared with Bt164m in the same period last year, as the baht strengthened against the US dollar, while the company’s income tax expense shrank by 77%, to Bt634m, it said.

Thai Oil is part of Thailand oil and gas giant PTT.

($1 = Bt31.00, €1 = Bt40.40)

By: Pearl Bantillo
+65 6780 4359

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