Thailand's PTT Net Profit Drops 19% in Second Quarter

Reuters

BANGKOK, Aug 14 (Reuters) – PTT PCL, Thailand's largest energy firm, said on Friday its quarterly net profit fell 19 percent from a year ago, as lower income from its upstream exploration unit and foreign exchange losses outweighed improvement in its oil refining and petrochemical businesses.

State-controlled PTT posted a net profit of 23.7 billion baht ($673 million) for April-June, in line with a forecast of 24 billion baht in a Reuters poll.

Revenue from sales dropped 19 percent to 537 billion baht in the second quarter, when it booked a foreign exchange loss of 3.3 billion baht versus a gain of 2 billion baht a year earlier, according to its financial statement. ($1 = 35.2200 baht)

(Reporting by Khettiya Jittapong; Editing by Susan Fenton)

 

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