PTTEP gains from higher oil prices
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PTT Exploration and Production Plc, the flagship subsidiary of PTT Group of Companies, posted a 25 per cent increase in sale revenue during 2011, thanks to higher petroleum sales price and bigger sales volume.
An independent research by IHS CERA showed that the average price of benchmark Brent crude was at $111 for the year, well above the previous high of $97 in 2008. At this level, oil hit its highest average annual price since 1860.
As revenue rose from $4.5 billion in 2010 to $5.69 billion, its net profit rose from $1.38 billion to $1.47 billion. In baht term, the net profit hit Bt44.7 billion, from Bt43.77 billion a year earlier.
The company proposed the dividend payment of Bt2.79 for the second-half performance, aside from the Bt2.61 interim dividend paid earlier.
In the year, it also booked a smaller amount for foreign exchange loss and losses from fires at the Montara site.
