PTTEP Reports a Net Profit of ฿4.3Bn in 2Q, Offering a Dividend at ฿1.50
PTTEP Reports a Net Profit of ฿4.3Bn in 2Q, Offering a Dividend at ฿1.50/Share.
PTTEP Reports a Net Profit of ฿4.3Bn in 2Q, Offering a Dividend at ฿1.50/Share.
30 ก.ค. 2563

PTT Exploration and Production Public Company Limited (PTTEP) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

For 2Q20, PTTEP had a net profit of 134 MMUSD, compared with the same period last year which reported a net profit of 433 MMUSD, PTTEP had a decrease in net profit of 299 MMUSD or 69%. The decrease was due to the decrease of total revenue of 478 MMUSD which was primarily due to a decrease in sales revenue of 428 MMUSD.
 
In 2Q20, the average sales volume of PTTEP decreased to 327,004 barrels of oil equivalent per day (BOED) when compared the average sales volume for 2Q20 to 2Q19 of 334,627 BOED, the average sales volume decreased primarily from the Bongkot and Contract 4 Project due to lower gas nomination from buyers while there was an increase in sales volume of Malaysia project and Partex group from the business acquisition. The average selling price in 2Q20 decreased to 34.97 USD/BOE (In 2Q19: 48.26 USD/BOE).
However, the total expense decreased 179 MMUSD, mainly from a decrease in income tax expense of 254 MMUSD in accordance with a decrease in average sale revenue. In 2Q20, the Group recognized a reversal of income taxes liabilities balance relating to changes in the foreign exchange rate which were recognized in 1Q20 due to the change of corporate income tax calculation currency while recognized an increase in loss on financial instruments of 70 MMUSD.
 
The profit from non-recurring items of 2Q20 was 6 MMUSD, a decrease of 38 MMUSD when compared with a profit in 2Q19 of 44 MMUSD. The reason was primarily due to an increase in a recognition of loss on financial instruments of 70 MMUSD in 2Q20, mainly from oil price hedging instruments and forward contracts, as well as, the recognition of impairment loss on assets amounting to 47 MMUSD mainly from Mariana Oil Sands project.
While there was a decrease in income tax expense relating to the foreign exchange rate of 96 MMUSD due to the higher impact from the reversal of income taxes liabilities relating to changes in the foreign exchange rate which were recognized in Q1/2020 due to change of corporate income tax calculation currency in 2Q20, than a decrease in income tax expense due to the appreciation of Thai Baht against USD at 1.07 Thai Baht per USD in 2Q19.
 
In addition, PTTEP’s Board of Directors approved a dividend payment of ฿1.50/share to be paid on August 28, 2020. The ex-dividend date will be on August 13, 2020.
 