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Thai Oil Q2 Net profit after 83 pct, meets forecast
Thai Oil, Thailand’s largest oil refiner, reported an 83 percent fall in second-quarter net profit on Friday, in line with forecasts, due to lower refining margins and weak petrochemical spreads
Thai Oil, nearly half-owned by energy company PTT, made an April-June
net profit of 1.07 billion baht ($33 million), or 0.53 baht per share,
down from 6.19 billion a year earlier and 2.0 billion in the first
quarter.
Ten analysts polled by Reuters had an average forecast of 1.04 billion baht for the quarter.
Analysts expect refining margins to recover in the second half, but some
analysts have cut their earnings forecasts for Thai Oil to reflect
weaker-than-expected first-half earnings and the weak outlook in the
petrochemical business.
Thai Oil has a refining capacity of 275,000 barrels a day of crude oil
and other feedstocks, representing about 25 percent of Thailand’s total,
and also runs paraxylene petrochemical and lubricant businesses via
subsidiaries.
Thai Oil shares jumped 17 percent in the April-June quarter, outperforming the market’s .SETI 1.2 percent rise.
Source: Reuters
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