PTT posts net profit in first quarter

PTT P.L.C. reported a net profit of 7.45 billion baht (US$218.12 million) in the first quarter of 2009, compared to a net loss of 22.19 billion baht (US$649.37 million) in the fourth quarter of 2008. Net profit was lower than expected, however, as only 3,280 million standard cubic feet per day (mmscfd) of natural gas was sold versus analysts’ forecast of 3,350 mmscfd. In addition, PTT’s profit share from associated companies turned from a loss of 23.89 billion baht (US$699.11 million) in the fourth quarter of 2008 to a positive 2.41 billion baht (US$7.53 million), because of a hedging gain booked by its refinery and petrochemical units. (May 20, 2009)