PTT's earnings up on strong economy

PTT's earnings up on strong economy

BANGKOK: Thai energy giant PTT said Friday the company's net profit for the nine months to September rose 62.9 percent year-on-year to 27.96 billion baht (US$700.8 million) due to the strong domestic economy.

The result also came about due to the government's stimulus policies and low interest rates, PTT president Prasert Bunsumpun said in a statement.

The company's sales in the first nine months totalled 367.83 billion baht, up 27.9 percent year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 47 billion baht, against 39.70 billion a year earlier.

In addition, the company booked income of 7.57 billion baht from investments in subsidiaries on the back of rising sales volume and higher product prices, especially for petrochemicals and other refinery products.

The company's sales in the third quarter totalled 121.38 billion baht, up 15.8 percent from the same period last year, he said.

EBITDA in the third quarter totaled 15.45 billion baht against 14.81 billion the previous year. --AFP