PTT profit plunges

Eoin O'Cinneide

 10 August 2012 13:54 GMT

Cost increases and a reversal of fortunes in investments sent profit plunging at Thailand’s PTT in the second quarter.

Cost increases and a reversal of fortunes in investments sent profit plunging at Thailand’s PTT in the second quarter.

The parent of PTTEP did, however, increase revenues on better gas sales and a higher average realised oil price but production was also down.

Net profit for the three months to the end of June was 11.66 billion Thai bhat ($370.68 million) as against 37.11 billion bhat a year earlier.

This was despite revenue climbing from 643.58 billion bhat to 682.82 billion bhat.

Selling expenses were much higher and PTT made a loss of 4.35 billion bhat on share of income from…

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