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PTT Exploration & Production profit misses consensus by 42.0% in Q2

PTT Exploration & Production PCL said its second-quarter normalized net income was 3 cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

EPS climbed 88.5% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $179.5 million, an increase of 122.9% from $80.5 million in the prior-year period.

The normalized profit margin increased to 18.1% from 7.5% in the year-earlier period.

Total revenue decreased 7.9% year over year to $992.8 million from $1.08 billion, and total operating expenses fell 24.4% on an annual basis to $692.4 million from $916.4 million.

Reported net income rose 214.7% from the prior-year period to $219.9 million, or 4 cents per share, from $69.9 million, or 2 cents per share.