Thailand's PTTEP 3Q Net Profit Down 16% On Year


BANGKOK, Oct 30 (Reuters) - Thailand's top oil and gas explorer, PTT Exploration and Production PCL (PTTEP), said on Thursday its third quarter net profit fell 16 percent, hit chiefly by rising expenses and lower prices of crude oil that dragged down its selling prices.

PTTEP, the flagship upstream oil exploration business of state-controlled PTT PCL, posted July-September net profit of $477 million or 15.28 billion baht, higher than the $392 million forecast by 12 analysts polled by Reuters.

This compared with $566 million a year earlier.

PTTEP expects 2014 petroleum sales to rise about 8 percent on year, lower than an earlier forecast of 10 percent, the company said in a statement. ($1=32.42 baht)

(Reporting by Khettiya Jittapong; Editing by Clarence Fernandez)

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