Net profit at PTT rises 15% in 2009 on strong performance of oil refining and petrochemical businesses

Strong performance of its oil refining and petrochemical businesses has propped up PTT Plc’s 2009 net profit by 15%. PTT earned 59.5 bln baht as compared to last year’s 51.7 bln bahT. However, sales and services revenue declined 20.7% to 1.58 trillion baht from 2 trillion in 2008. Earnings before interest, tax, depreciation and amortisation were down 8.7% to 142.7 bln, due mainly to the decrease in oil and petrochemical prices in line with soft global demand. Net income from subsidiaries improved in line with higher gross refinery margins (GRM), as a result of oil stock gains.
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