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PTT Exploration & Production Q1 profit falls YOY

PTT Exploration & Production PCL said its first-quarter normalized net income amounted to 4 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS declined 61.3% year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $176.0 million, a decline of 61.0% from $451.4 million in the prior-year period.

The normalized profit margin dropped to 12.3% from 24.8% in the year-earlier period.

Total revenue declined 18.7% on an annual basis to $1.48 billion from $1.82 billion, and total operating expenses climbed 6.1% on an annual basis to $1.11 billion from $1.04 billion.

Reported net income declined 30.3% from the prior-year period to $262.0 million, or 7 cents per share, from $376.1 million, or 10 cents per share.