PTT's profit slumps 60 per cent year on year in 2020
PTT Pcl on Thursday reported a net profit of Bt13.14 billion in the fourth quarter of 2020, down 6.96 per cent or Bt973 million from the previous quarter.
“PTT’s net profit for 2020 is therefore Bt37.76 billion, decreasing 59.4 per cent or Bt55.18 billion year on year,” said president and chief executive officer Auttapol Rerkpiboon.
Auttapol added that the company was positive Thailand’s economy in 2021 would recover slowly across selected sectors.
“Different industries will recover at different paces, while some are still facing uncertainty amidst the Covid-19 outbreak despite the availability of vaccines,” he said.
“As for the five-year plan [2021-25] that is required for all state enterprises, PTT is planning to invest Bt850.5 billion in its main businesses, including the construction of unit 7 gas separation facility to replace unit 1, construction of 5th on-land natural gas pipeline, expansion of LNG receiving terminal Nong Fab, and the third phase development of Map Ta Phut Industrial Port,” Auttapol said.
“We are also looking to procure an additional Bt804.2 billion of investment fund for future projects in the next five years, including renewable energy, LNG and electricity value chain businesses, gas-to-power integration project, as well as to branch out into life science-related business that aims to promote people’s health stability,” said Auttapol.