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Thai energy firm PTT’s Q2 earnings rise 13.8%


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Thai energy firm PTT’s Q2 earnings rise 13.8%
Thailand’s largest energy firm PTT PCL on Monday reported a 13.8-percent rise in its earnings during the second quarter of this year, due to higher gas sales and profits from its refinery business, said Reuters.

The state-controlled PTT saw its April-June net profit rise to 29.9 billion baht ($887 million) from 26.27 billion baht in the previous year.

Soaring oil prices have helped energy firms to a bumper quarter. Takeover target Origin Energy Ltd, Australia’s number two energy retailer, last month posted record annual revenue.

PTT’s second-quarter revenue rose 60 percent to 584 billion baht due to rising gas sales, while income from operations rose 9.3 percent to 35 billion baht, according to its financial statement.

The energy firm, also Thailand’s biggest listed company with the value of about $21 billion, runs the country’s gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses.

Its PTT Exploration and Production (PTTEP) unit posted an 82 percent jump in second-quarter net profit last month and analysts expect sales volume to rise 15 percent a year in the next five years.

PTT has major interests in five of Thailand’s seven refineries, including top refiner Thai Oil, which last week posted a record quarterly net profit, up 59 percent.

PTT shares, which trade at more than 7.3 times estimated 2008 earnings, fell 4.4 percent in April-June, in line with the Thai bourse.

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