Thai Oil returns to net profit in Q3

Thai Oil PCL, the country’s top oil refiner, reported a net profit in the third quarter, turning around from a net loss a year earlier, due to an absence of inventory losses this time. Thai Oil, nearly half-owned by energy company PTT PCL, reported a net profit of 1.98 billion baht (US$59.17 million), or 0.97 baht (US$0.03) per share, versus a 5.8 billion baht (US$173.32 million) loss a year earlier. Thai Oil operates a 275,000 barrel-per-day refinery and a paraxylene petrochemical plant. The refinery business contributes about 50% of Thai Oil’s profit, while 30% comes from petrochemicals and the rest from its power and lubricant businesses. (November 6, 2009)