Thai Oil posts 48% drop in net profits for Q4

Thailand’s largest refiner, Thai Oil PCL, posted a 48% decline in net profits for the fourth quarter of 2011 due to foreign exchange losses and weak margins in refining and petrochemical products. The company had expected a bigger drop in net profits, which reached THB 1.86 billion (US$60.47 million) in the October-December period, compared to THB 3.59 billion (US$116.72 million) a year earlier. The oil refiner posted a net profit of THB 14.9 billion (US$484.47 million) for 2011, up from THB 8.99 billion (US$289.38 million) a year earlier, due mainly to higher global oil prices. (February 13, 2012)