PTT Reports 11.4% Rise In Net Profit

Mr. Prasert Bunsumpun, President of PTT Public Company Limited (PTT), revealed that favorable earning of PTT in the first quarter of 2004 resulted from an increase in overall consumption of petroleum which goes in line with Thailand's continuous economic expansion and a continuous hike in oil and petrochemical prices as well as a rise in refinery margins. PTT and subsidiaries' sale revenue rose by Baht 11.867 billion or 9.4% to Baht 137.97 billion year-on-year. Earnings Before Interests and Taxes, Depreciation, and Amortization (EBITDA) was Baht 748 million or 4.4% higher to Baht 17.81 billion, and the net profit was increased by Baht 1.26 billion or 11.4% to Baht 12.27 billion (Baht 4.39 per share). The reported net profit had already included the net income gained from investment under equity method in the subsidiary and affiliate companies of which Baht 2.165 billion were from PTT's major subsidiary, PTT Exploration and Production Public Company Limited, and Baht 3.752 billion were from the petrochemical and refinery companies.

Mr. Prasert said despite the recent hike of oil price in the world markets, the rising oil price did not benefit PTT due to the constant sales margin. PTT's Oil Business Group showed 3.85 billion liters in this year's first quarter sale volume, an increase of 591 million liters or 20%.

Meanwhile, PTT's Gas Business Group showed a 3% rise in sales volume in the first quarter this year to 2,577 million cubic feet per day (mmcfd) (at the heating value of 1,000 btu per cubic foot) due to higher demand from the Independent Power Producers and the Industrial customers. Higher sale was also reported by the Gas Separation Plants in the first quarter this year at 679,982 tons, an increased of 2%. As a result, the net profit and sale revenue were relatively close to the figures of the first quarter of last year.

As of March 31, 2004, PTT and subsidiaries' total assets stood at Baht 360.473 billion, a rise of Baht 35.855 billion or 11% from the end of 2003. Meanwhile, total liabilities were Baht 217.157 billion, rose by Baht 21.481 billion or 11%, and total shareholders? equity was Baht 143.316 billion, an increase of Baht 14.374 billion or 11%.