BANGKOK, April 30 (Reuters) - PTT Exploration and Production PCL (PTTEP), Thailand's largest oil and gas explorer, said on Thursday its first quarter net profit dropped 31 percent as the drop in global oil prices cut prices of its products.
Net profit was 8.6 billion baht ($264 million) in the January-March quarter, higher than the average 6 billion baht forecast by nine analysts asked by Reuters.
This compared with a profit of $380 million in the same year-ago period and a loss of $739 million baht in the fourth quarter.
Average selling prices fell 25 percent in the quarter to $48.74 per barrel of oil equivalent from $64.92 a year earlier, while sales revenue fell 20 percent to $1.44 billion, it said in a statement.
PTTEP, the flagship of top Thai energy firm PTT PCL's upstream business, cut its investment budget for this year after declines in global crude prices. ($1 = 32.60 Baht)
(Reporting by Khettiya Jittapong; Editing by Miral Fahmy)
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