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PTT Exploration & Production swings to loss in Q3

PTT Exploration & Production PCL said its third-quarter normalized net income came to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $129.4 million, compared with income of $139.3 million in the year-earlier period.

The normalized profit margin declined to negative 11.9% from 13.1% in the year-earlier period.

Total revenue rose year over year to $1.09 billion from $1.07 billion, and total operating expenses climbed 58.0% on an annual basis to $1.29 billion from $814.3 million.

Reported net income came to a loss of $264.4 million, or a loss of 7 cents per share, compared with income of $155.4 million, or 4 cents per share, in the prior-year period.