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PTTEP H1 net profit slips 6% year on year

PTT Exploration & Production PCL first half net income slipped year on year owing to tax expenses, foreign exchange and oil price hedging losses.

In a July 26 release, the Thai exploration and production company posted a net profit for the first half of $536 million, down 6% from the $569 million noted during the corresponding period in 2017. The decline was primarily due to losses from non-recurring items amounting to $104 million, which offset a recurring net income of $640 million posted in the half.

Total revenue for the half was $2.56 billion, up 21% from the $2.12 billion noted during the corresponding period in 2017. The company says that the revenue increase was due to a recovery in the average selling price of oil, which it pegged at $45.51 per barrel of oil equivalent compared to the $38.04/boe noted during the first half of 2017. The firm's average sales during the half also saw a modest boost to 297,999 barrels of oil equivalent per day compared to the 292,709 boe/d reported during the same period in 2017.

The company's board also approved its interim dividend for the first six months at 1.75 Thai baht per share, up from the 1.50 baht per share paid during the first half of 2017. The dividend is payable Aug. 24 to shareholders of record Aug. 9.

PTT Exploration & Production PCL is a subsidiary of PTT PCL.

As of July 26, US$1 was equivalent to 33.41 Thai baht.