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Home  >>  Daily News  >> Thailand  >>  Companies  >>  Thai energy firm upbeat on Q2 performance as oil rises

8 May 2009

Thai energy firm upbeat on Q2 performance as oil rises

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PTT Plc, Thailand's top energy firm, said on Thursday its second-quarter financial performance should be better than the first quarter if global oil prices stabilised around recent higher levels, reported Reuters.

"We have not changed our assumption that oil prices should stay around $50 per barrel," Chief Executive Prasert Bumsumpun told reporters on the sidelines of a bourse exhibition.

The recent rally in oil prices reflected investors' confidence in an economic revival and PTT should benefit when there was a clearer sign of economic recovery next year, Prasert said, without giving specific forecasts.

Oil CLc1 extended its gains towards $57 a barrel on Thursday after settling at a five-month high in the previous session, when lower US job losses and US inventory data increased optimism about an economic revival.

State-controlled PTT is due to report its first-quarter earnings next week, and analysts expect net profit to fall more than two-thirds.



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