ASEAN KEY DESTINATIONS
PTTEP reports good sales, net profit doubles
The upstream unit of the national oil conglomerate PTT saw promising sales and net profit in the quarter, Anon Sirisaengtaksin, president and CEO, said.
"Although the baht appreciated by 8 percent on average during the period to 31.96 baht from 34.31 a year earlier, rising sales volume and global oil prices more than offset those losses," said Mr Anon.
Sales in the third quarter rose 26 percent year-on-year to 38.9 billion baht from 30.77 billion, with net profit doubling to 10.53 billion baht from 5.26 billion.
For the first nine months, sales rose 29 percent to 111.17 billion baht. Consolidated net profit was 31.62 billion baht (9.54 baht a share), an increase of 80.7 percent from 17.5 billion (5.29 baht a share).
Its sales volume in the third quarter rose 15 percent to 262,000 barrels of oil equivalent per day (boed) from 228,314 boed, with additional production of gas and condensate in the Malaysia-Thailand Joint Development Area Block B17, the North Arthit and Bongkot fields.
Average selling prices rose 28 percent to US$44.37 a barrel in the nine-month period from $34.58 a year earlier.
PTTEP also gained 1.37 billion baht from insurance claims from the accident in its Montara gas field in Australia.
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