PTTEP profit up 15%
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PTT Exploration and Production reported better-than-expected quarterly earnings, thanks to an increase in prices and sales volume.
Its quarterly earning rose 11 per cent to Bt20.3 billion, up from Bt18.3 billion from the same period last year.
Revenue totalled Bt56.8 billion in the first quarter, compared with 50.4 billion a year earlier. Expenses rose 13 per cent to Bt27.9 billion. Average sales volume jumped 15 per cent in the quarter to 291,476 barrels of oil equivalent a day. Average product prices in the period rose 3.5 per cent to $67.03 a barrel.
The company’s CEO Tevin Vongvanich also announced yesterday that the company will issue bonds worth US$1 billion or about Bt30 billion within this year. The dollardenominated bonds will be offered in a single tranche to foreign investors, to raise funds for business expansion and debt refinancing.
