PTTEP's profit gushes 18% higher

PTT Exploration and Production yesterday said its 2006 net profit, including the earnings of subsidiaries, was Bt28.05 billion. This represents an 18-per-cent increase over the previous year's Bt23.74 billion.

The return on shareholders' equity was 35.01 per cent.

Revenues of PTTEP and its subsidiaries amounted to Bt91.72 billion, an increase of 32 per cent over Bt69.58 billion for 2005.

This was mainly due to a 30-per-cent increase in sales of petroleum to Bt19.98 billion, resulting from the average sales price of US$36.52 (Bt1,406) per barrel of oil equivalent (BOE). The 2005 figure was $29.37. Sales volume increased to 169,348 BOE per day, from 153,531 the previous year.

PTTEP and its subsidiaries received higher revenue from pipeline transport, as well as rising interest income as a result of a higher fixed deposit.

PTTEP and its units incurred expenses amounting to Bt40.94 billion, an increase of Bt13.08 billion or 47 per cent when compared with Bt27.85 billion in 2005.

The companies had a foreign-exchange gain for 2006 amounting to Bt1.31 billion, far higher than 2005's Bt203 million because of the stronger baht.

For 2006, PTTEP and its subsidiaries incurred higher income-tax expenses of Bt4.98 billion as a result of higher taxable profits and the additional revision of provisional decommissioning liability.

For the fourth quarter alone, revenue was Bt21.45 billion, a decrease of Bt344 million or 2 per cent from the same period a year earlier. The fall was mainly due to lower petroleum sales of Bt255 million - one per cent less than a year earlier.

However, the average petroleum sales price increased to $35.92 per BOE against the same period last year of $31.59 per BOE. In addition, in the fourth quarter there was a gain in divestment amounting to Bt507 million over the same period last year, mainly from the divestment in Thai Oil Power.

The companies incurred expenses of Bt9.81 billion during the quarter, an increase of Bt297 million or 3 per cent from the same period in 2005.

The Nation
Thu, February 1, 2007