Thai PTT aims for 2020 coal output of 70 million tonnes
Monday, 20 February 2012 | 11:00
Thailand's top energy firm PTT Pcl reported a 26% drop in quarterly net profit on Friday, in line with market expectations, as domestic fuel demand was hit by floods and petrochemical and oil margins fell.
Analysts said that earnings at PTT, Asia Pacific's third biggest listed oil and gas firm by market value, are expected to recover in the first quarter and further in 2012 due to improved gas demand and higher contributions from its petrochemical affiliates and upstream unit.
Mr Youssef Abboud senior analyst at Thanachart Securities said that " Beyond Q4, we should see an improvement quarter-on-quarter in gas volume as demand from electricity producers will pick up as the impact of the floods recedes.
State controlled PTT, Thailand's most valuable company, posted an October-December net profit of THB 16.6 billion (USD 540 million), down from a revised 22.49 billion a year earlier and below the 17 billion baht forecast in a poll by Thomson Reuters I/B/E/S.
For 2011, the company posted a record net profit of THB 105.3 billion, up by 25.4% from 83.09 billion in 2010. This compared with a forecast of THB 106 billion.
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