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PTT Exploration & Production profit misses consensus by 56.9% in Q4

PTT Exploration & Production PCL said its fourth-quarter normalized net income amounted to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS decreased 67.9% year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $65.5 million, a decline of 67.9% from $204.2 million in the prior-year period.

The normalized profit margin dropped to 6.2% from 16.7% in the year-earlier period.

Total revenue declined 14.2% year over year to $1.05 billion from $1.23 billion, and total operating expenses climbed on an annual basis to $897.7 million from $875.4 million.

Reported net income came to a loss of $51.1 million, or a loss of 1 cents per share, compared with income of $97.7 million, or 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 10 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12 cents.

EPS was a loss of 4 cents in the prior year.

Normalized net income was $401.4 million, compared with a loss of $156.1 million in the prior year.

Full-year total revenue declined on an annual basis to $4.26 billion from $5.41 billion, and total operating expenses decreased year over year to $3.47 billion from $5.42 billion.

The company said reported net income totaled $297.7 million, or 7 cents per share, in the full year, compared with a loss of $854.0 million, or a loss of 22 cents per share, the prior year.