PTTEP share down on more bad news
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PTT Exploration and Production Plc's share price further dropped today, as the poor quarterly result further dampens the sentiment.
PTTEP today lost Bt2 to end the day at Bt155.50. Yesterday, the share price also declined, following the company's massive recapitalisation plan.
The company, which contributes over half of earning to PTT Plc, reported a 32 per cent decrease in second-quarter net profit.
In dollar term, the net profit was down to US$250 million from US$320 million in the same period last year. In baht term, it fell sharply from Bt11.17 billion to Bt7.7 billion.
In the quarter, though average product prices increased from $56.28 per barrel or equivalent to $64.17, sale volume dropped to 263,441 barrels or equivalent per day against 273,310 last year.
The company attributed the poor result partially to higher depreciation cost for the Montara Field.
