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January 31, 2009

Thai refiner says Q4 net profit down 9%

Thailand's PTT Exploration and Production Plc said on Friday its fourth-quarter net profit fell about 9 percent, worst than expected, as falling oil prices dragged down petroleum sales.

PTTEP, a subsidiary of PTT Plc, Thailand's biggest energy firm, reported a net profit of 6.8 billion baht ($195 million), down from 7.48 billion baht a year earlier.

It posted a 12.98 billion baht profit in the third quarter, reported Reuters.

Its full-year profit of 41.7 billion baht was up 46.5 percent from 28.5 billion in 2007.

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