Thai PTT Aromatics 2007 net profit up 36 pct

BANGKOK, Feb 22 (Reuters) - PTT Aromatics and Refining PCL PTTAR.BK (PTTAR) reported a better-than-expected 36 percent rise in 2007 net profit on Friday as strong refining margins outweighed a weaker petrochemicals business.

PTTAR, Thailand's largest integrated aromatics refinery, posted a net profit of 18.02 billion baht ($556 million), or 6.08 baht per share, up from 13.25 billion baht in 2006.

Eleven analysts polled by Reuters Estimates had forecast an average 2007 net profit of 17.7 billion baht. They expected its 2008 net profit to drop to 16.8 billion baht.

PTTAR, 48.5 percent owned by top energy firm PTT PCL PTT.BK, is the product of a merger between Rayong Refinery and Aromatics (Thailand).

Refineries contributed about 70 percent of revenues and the rest came from aromatics products, analysts said.

Its 2007 gross integrated margin, which included oil and the petrochemical business, was $10.79 a barrel, up from $6.96 a barrel in 2006, the firm said in a statement.

PTTAR will have Thailand's largest refinery capacity of 280,000 barrels per day in August, when it plans to complete building its reformer complex 2 to raise its capacity by 65,000 bpd.

Its aromatics capacity is expected to rise to 2.23 million tonnes a year from 1.19 million tonnes at the same time as it completes construction of its second aromatics plant.

PTT, which completed the merger of the two companies in December, was due to announce its own 2007 earnings later on Friday.

PTTAR shares rose 0.63 percent to 40.25 baht on Wednesday, when the main Thai index .SETI fell 1.02 percent. The market was closed on Thursday. ($1 = 32.43 baht) (Reporting by Khettiya Jittapong, Editing by Michael Battye)