Thai PTT Q2 net profit down 33 pct, beats forecasts

BANGKOK Aug 14 (Reuters) - PTT PCL PTT.BK, Thailand's largest energy firm, on Friday reported a 33 percent drop in net profit, beating forecasts, due mainly to lower product prices and weak demand in a sluggish economy.

Asia-Pacific's third-largest, listed, integrated oil and gas firm by market value posted an April-June net profit of 19.9 billion baht ($585 million), down from 29.88 billion baht a year earlier, but up from 7.45 billion baht the previous quarter.

Ten analysts polled by Reuters had forecast an average net profit of 17.4 billion baht for the quarter.

PTT, Thailand's biggest listed company with a market value of about $21 billion, runs the country's gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses.

Analysts said PTT's earnings should have hit bottom in the first quarter and expected growth to continue in the second half thanks to higher gas sales and a recovery in demand.

PTT shares have risen about 43 percent this year, broadly matching the gain in the broader market .SETI. ($1=34.00 Baht) (Reporting by Khettiya Jittapong; Editing by Alan Raybould)