PTG reports dip in net profit in Q1 despite 14% revenue boost

Corporate May 21, 2014 00:00

By The Nation

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PTG Energy, Thailand's sixth-largest fuel retailer, posted a 14-per-cent year-on-year rise in revenue for the first quarter. The company's plan to have 1,000 PTG service stations nationwide this year will proceed, while its project to establish a biodiese

Pitak Ratchakitprakarn, PTG Energy president and chief executive officer, said operational results as of the end of March showed revenue of Bt13.6 billion, an increase of Bt1.7 billion or 14.26 per cent over the same period of 2013. 
Sales and services generated Bt13.56 billion, up by Bt1.68 billion, or 14 per cent over the same period of last year, and Bt39.86 million in other revenues, an increase of Bt19.51 million, or 96 per cent. 
PTG, which is listed on the Stock Exchange of Thailand, posted Bt105.73 million in net profit, down by Bt19.07 million, or 15.28 per cent. Despite the higher revenue, the company’s lower profit was attributed to the domestic economic slowdown and expenses related to advertising and public relations. The company hopes profitability will improve during the current second quarter.
As it works towards its target of having 1,000 service stations this year, it has already added 33, for a current total of 772 stations nationwide, Pitak said. 
As for PTG’s biodiesel-plant project, the company is carefully reviewing the various relevant factors, as well as the selection of an appropriate business alliance.  
PTG is also working on the development of a motorists’ rest area in Bang Saphan Noi district, Prachuap Kiri Khan, for the Highways Department. It will offer a fully integrated service station comprising refuelling services, a convenience store, coffee and other beverages by year-end. 
In accordance with a shareholders’ resolution, PTG has paid 2013 dividends at Bt0.11 per share, totalling Bt183.7 million. It paid interim dividends on December 27 for the first nine months of 2013 at Bt0.60 per share, totalling Bt100.2 million. Last Thursday, it paid the remaining dividends for the last three months of 2013 at Bt0.05 per share, totalling Bt83.5 million.