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PTT Full-Year Profit Misses Estimates as Unit Income Slumps

Feb. 22 (Bloomberg) -- PTT Pcl, Thailand’s biggest company, reported full-year profit that was lower than analyst estimates after the income contribution from its units declined.

Net income fell 1.5 percent to 104.7 billion baht ($3.51 billion), or 36.64 baht a share, from a revised 106.3 billion baht, or 37.24 baht, a year earlier, Bangkok-based PTT said in a statement. That compared with 109.2 billion-baht average estimate of 16 analysts surveyed by Bloomberg.

PTT, whose businesses range from exploration to petrochemical production, said income from units fell 8.1 percent to 27.1 billion baht. IRPC Pcl reported a 958.9 million baht loss in 2012, compared with a 3.9 billion baht profit a year earlier, and impairment charges at PTT Exploration & Production Pcl and its international trading unit amounted to 10.3 billion baht.

Income tax costs increased 7.6 percent to 46.5 billion baht, PTT said.

Sales surged 15 percent to 2.79 trillion baht in 2012 as volume and product prices increased, PTT said. The cost of sales rose 16 percent to 2.56 trillion baht. The company posted a 7.61 billion baht foreign-exchange gain as the baht strengthened against the U.S. dollar last year, compared with a gain of 1.1 billion baht in 2011.

Net income rose to 22.7 billion baht in the fourth quarter, compared with 17.6 billion baht a year earlier, PTT said. The company will pay a dividend of 8 baht per share for the second half of 2012, it said.

To contact the reporter on this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net

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