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PTT Exploration & Production profit misses consensus by 67.1% in Q2

PTT Exploration & Production PCL said its normalized net income for the second quarter amounted to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS decreased 87.7% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $107.4 million, a decrease of 78.4% from $496.3 million in the year-earlier period.

Total revenue fell 29.5% on an annual basis to $1.47 billion from $2.09 billion, and total operating expenses totaled $1.22 billion, compared with $1.21 billion in the year-earlier period.

Reported net income declined 93.7% on an annual basis to $35.1 million, or 1 cents per share, from $558.6 million, or 14 cents per share.