BANGKOK, April 28 (Reuters) - PTT Exploration and Production Pcl, Thailand's top oil and gas explorer, reported a 44 percent drop in first-quarter net profit on Monday due to rising costs and lower gains from foreign exchange.
PTTEP, the flagship upstream oil exploration business of state-controlled PTT Pcl, posted a net profit of 12.4 billion baht ($380 million) for the January-March quarter, down from $680 million a year earlier, but up from $238 million in the previous quarter.
It was in line with the 12.5 billion baht ($387 million) average forecast from 11 analysts polled by Reuters.
PTTEP recently acquired Hess Corp's assets in Thailand for $1 billion, which included a 15 percent stake in Pailin and 35 percent in the Sinphuhorm field, as part of its drive to boost output to 600,000 barrels of oil equivalent per day (BOEPD) by 2020.
The acquisition will help boost PTTEP's production by 3-4 percent from this year's target of 325,000 BOEPD.
PTTEP shares, valued at $19.6 billion on the Thai bourse, have risen 10 percent in the past 12 months, outperforming a 9 percent drop in the broad index.
($1 = 32.2650 Thai Baht)
(Reporting by Apornrath Phoonphongphiphat; Editing by Alan Raybould)
Copyright 2016 Thomson Reuters. Click for Restrictions.
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