Thailand: PTTEP Profit Dips

Thailand’s PTTEP posted a net profit of USD 380 million, a decrease of USD 300 million or 44% against the first quarter of 2013.

The decrease of 2014 first quarter net profit comprised of the non-recurring items of USD 106 million from the impact of foreign exchange and of the recurring net profit of USD 194 million from the depreciation and the PTTEP Australasia Project’s excess drilling costs of H5 development well, PTTEP said in a statement.

In total, the revenue of PTTEP and its subsidiaries was reported at USD 1,827 million, a decrease of USD 79 million or 4% compared to the same period of last year.

This was mainly due to the reduction in foreign exchange gain items (non-recurring) at the amount of USD 41 million, according to PTTEP.

The company’s average sales volume climbed to 298,621 barrel of oil equivalent per day (BOED) from 291,476 BOED year on year.