PTTEP doubles profits

A Thai football fan smiles as he and others wait Sunday, Feb. 4, 2007, for the ASEAN Cup final match against Singapore to begin at the National Stadium in Bangkok, Thailand. (AP Photo/David Longstreath)

Something to smile about: Thai company PTTEP more than doubled its profits during the third quarter

Thailand’s PTT Exploration & Production (PTTEP) more than doubled its profits during the third quarter of the year on one off gains and increased sales.

PTTEP posted a net profit of $558 million for the third quarter of the year, compared to a net profit of $250 million during the second quarter of 2012.

The company’s third quarter profit benefitted from a $52 million gain from non-recurring items, while PTTEP’s second quarter results were hit with a $211 million loss from non-recurring items.

Income from normal operations amounted to $506 million for the three months to 30 Septmber, which was still up 10% from a net profit of $461 million from recurring operations during the second quarter.

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