Bloomberg News

PTT Exploration Third-Quarter Net Falls 24% as Costs Rise

October 26, 2011

(Updates with local-currency earnings in second paragraph.)

Oct. 26 (Bloomberg) -- PTT Exploration & Production Pcl, Thailand’s only publicly traded oil and gas explorer, said profit fell 24 percent in the third quarter after income tax expenses from international subsidiaries increased.

Net income was $217.4 million in the three months ended September, from $286.8 million in the same period a year earlier, the company said in a regulatory filing. In local- currency terms, profit fell to 6.51 billion baht from 9.07 billion baht. PTT Exploration started reporting results in dollars as its “functional currency” earlier this year.

The unit of PTT Pcl, the nation’s largest energy group, is seeking new overseas acquisitions to support growth. Chief Executive Officer Anon Sirisaengtaksin earlier this month said sales volume will increase by 10 percent next year because of investments in Australia, Canada, Vietnam and Thailand.

Revenue totaled $763.7 million in the period, from $656.2 million, the company said. Expenses rose to $370.1 million from $349.5 million. Income taxes jumped to $176.2 million from $20 million as the company booked more petroleum profits from its overseas operations, it said.

--Editor: Tony Jordan

To contact the reporter on this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net


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