Thai PTT 2017 Net Profit Up 43% on Year

Thai state-owned PTT February 20 reported a net profit for January-December 2017 of baht 135.2bn ($4.3bn), up about 43% year on year, driven by higher energy prices.

During October-December 2017, the company’s net profit was baht 35.3bn, up more than 85% year on year.

Sales revenue in 2017 was baht 1.9tn, up 16.1% year on year while revenue in Q4 was 531bn, up 12% year on year.

PTT said that its performance improved in most businesses especially in gas business, petrochemical and refining. For gas business, performance improved due to lower costs of natural gas and higher selling price.

LNG

PTT said it has well laid out plan for LNG terminal capacity expansion to support country gas demand. The company expects LNG terminal capacity to expand from 10mn mt/yr to 11.5mn mt/yr in 2019.

The company will also be investing in a new terminal with a capacity of 7.5mn mt/yr. This terminal is expected to be operation in 2022.

PTT said it will have long term LNG contracts in addition to existing contract with Qatargas, Shell, BP and Petronas.