Thai PTTEP Slips into the Red in 3Q on Asset Impairment Loss

Reuters

BANGKOK, Oct 22 (Reuters) – PTT Exploration and Production Pcl, Thailand's largest oil and gas explorer, said on Thursday it posted a net loss of $1.28 billion, higher than analysts estimate, mainly due to an impairment loss on assets after a weaker oil prices.

Some 15 analysts polled by Reuters had forecast average net loss of 3.38 billion baht ($95.16 million) for the July-September quarter. This compared with a net profit of $477 million a year earlier.

PTTEP, flagship in the upstream business of PTT Pcl, Thailand's top energy firm, posted 30 percent drop in sales revenue to $1.36 billion while it booked an impairment loss on assets of $1.39 billion for the quarter, it said in statement. ($1 = 35.5200 baht)

(Reporting by Khettiya Jittapong; Editing by Michael Perry)

 

 

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