Thai PTT expects H2 net profit at similar levels as H1

PTT, Thailand's biggest energy firm, expects second-half net profit to be at levels similar close to the first half, as its oil and gas businesses remain under pressure from the weak economy. However, revenue for H2 is expected to exceed that of the first as average oil prices rose to about US$70 a barrel from US$40 early this year. PTT posted a H1 net profit of 27.3 billion baht ($802 million), down 51% from a year earlier, on revenue of 690 billion baht, down 36%. PTT, which controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses, should be affected by weak margins in the petrochemical business as new capacity from new plants due to come on stream later this year could drag down product prices.
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