Thailand's PTT Aims for Higher 2014 Profit, Oil Sales Hit by Unrest
BANGKOK, April 10 (Reuters) – Thailand's top oil and gas company PTT Pcl said it aimed for 2014 net profit of 100 billion baht ($3.10 billion), up from last year's 94.6 billion baht, as its fifth gas separation plant will run at full capacity this year.
PTT's operations contribute 30 percent of profit, with the rest made up by subsidiaries, Chairman Pranpree Bahiddha-Nukura told reporters after a shareholder meeting.
Last year, its chemical unit, PTT Global Chemical Pcl , booked rising expenses over an oil leak in the eastern province of Rayong. That dragged down PTT's profit.
The profit forecast was in line with market expectation. State-controlled PTT is expected to report a net profit of 105 billion baht for 2014, according to Thomson Reuters I/B/E/S.
Chief Operation Officer Sarun Rungkasiri said he expected no growth in retail sales of oil products this year due to weak consumption, caused by prolonged political unrest and a slowing economy. This compared with growth of 2 percent to 3 percent in the previous years. ($1 = 32.2500 Thai baht)
(Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Thai PTTGC And Japanese Partners In $900MM Chemical Venture (Aug 25)
- Sources: BP Sells US Crude Oil to Thailand, Australia for First Time (Oct 26)
- Thailand Embarking On LNG Shopping Spree As Glut Depresses Price (Aug 25)