PTTEP net profit soars more than 60% for 2017

Corporate January 26, 2018 19:21

By The Nation

PTT Exploration and Production Plc (PTTEP) has reported 2017 net profit at US$594 million, soaring by more than 60 per cent despite the impairment recognition of US$558 million from a development plan adjustment in the Mariana Oil Sands project.



 

 

   The earnings before interest, taxes, depreciation and amortisation (EBITDA) margin was maintained at 70 per cent, reflecting the success in effective cost management to enhance competitiveness. Improved global crude prices also delivered the positive results to PTTEP’s finanical position, allowing the company to push forward the Final Investment Decision (FID) in three pre-development projects. 

Other key activities this year include the participation in the expiring concessions bidding process, mergers and acquisition deals of targeted projects in Southeast Asia and the Middle East, and more exploration projects in high potential areas in order to increase petroleum reserves to accommodate long-term growth, PTTEP's CEO Somporn Vongvuthipornchai said on Friday.

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