FRIDAY, March 29, 2024
nationthailand

New PTT boss sees positive signs for the future

New PTT boss sees positive signs for the future

When taking over as PTT’s new president and CEO on Wednesday (May 13), Auttapol Rerkpiboon said he was confident that the oil and gas conglomerate’s financial performance this year will enter positive territory.

In his speech, Auttapol told the employees that PTT was facing challenges from the impact of the Covid-19 outbreak, which has severely affected most economies, including that of Thailand.
PTT is also experiencing an additional impact from the drop in global oil price, though the CEO believes the situation will improve in the second half.
He added that PTT has drawn up a plan to steer the organisation through this crisis by focusing on boosting its resilience and reform, as well as cutting down on unnecessary expenses and prioritising investment.
PTT will also continue to seek more business partners, both local and foreign, to build a new business model and new business ecosystem.
As per its filing to the Stock Exchange of Thailand on May 11, PTT and its subsidiaries reported earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter at Bt32.385 billion, marking a drop of 51.6 per cent from the last quarter of 2019.
This resulted mainly from the lower performance of petrochemical and refining businesses due to stock losses incurred in the first quarter from the sharp drop in crude oil price from US$67.3 per barrel at the end of the last quarter of last year to $23.4 per barrel in the first quarter of this year.

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