BANGKOK, Oct 22 (Reuters) – PTT Exploration and Production Pcl, Thailand’s largest oil and gas explorer, said on Thursday it posted a net loss of $1.28 billion, higher than analysts estimate, mainly due to an impairment loss on assets after a weaker oil prices.
Some 15 analysts polled by Reuters had forecast average net loss of 3.38 billion baht ($95.16 million) for the July-September quarter. This compared with a net profit of $477 million a year earlier.
PTTEP, flagship in the upstream business of PTT Pcl, Thailand’s top energy firm, posted 30 percent drop in sales revenue to $1.36 billion while it booked an impairment loss on assets of $1.39 billion for the quarter, it said in statement. ($1 = 35.5200 baht)
(Reporting by Khettiya Jittapong; Editing by Michael Perry)
Copyright 2015 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.