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Thai PTTEP Q3 net profit down 60 pct, below forecasts

Tue Oct 27, 2009 2:05am EDT

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BANGKOK, Oct 27 (Reuters) - Thailand's PTT Exploration and Production (PTTE.BK) reported a lower-than-expected 60 percent fall in its third-quarter earnings on Tuesday, mainly due to higher costs related to an oil spill at Australia's Montara field.

Energy

PTTEP, a subsidiary of PTT (PTT.BK), Thailand's biggest energy firm, posted a net profit of 5.26 billion baht ($157 million), down from 12.9 billion a year earlier and 6.5 billion in the previous quarter.

Eleven analysts polled by Reuters had an average forecast of a net profit of 5.5 billion baht for the July-September quarter.

Analysts expect PTTEP's earnings to improve in the fourth quarter as recent rises in oil prices should boost selling prices, while sales volume should rise with the start-up of new fields, although operations at Montara have been delayed until next year by the oil spill.

PTTEP, Thailand's second-largest energy firm with a market value of $15 billion, is involved in 40 oil and gas exploration and development projects. ($1 = 33.43 Baht) (Reporting by Khettiya Jittapong; Editing by Muralikumar Anantharaman)

Energy


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