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PTT Exploration & Production swings to loss in Q3

PTT Exploration & Production PCL said its normalized net income for the third quarter was a loss of 15 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $597.2 million, compared with income of $465.5 million in the prior-year period.

The normalized profit margin declined to negative 48.3% from 23.1% in the year-earlier period.

Total revenue decreased 30.3% on an annual basis to $1.40 billion from $2.01 billion, and total operating expenses climbed 93.5% from the prior-year period to $2.29 billion from $1.18 billion.

Reported net income totaled a loss of $1.28 billion, or a loss of 32 cents per share, compared with income of $476.6 million, or 12 cents per share, in the prior-year period.