PTTEP Presents ฿12.4bln. of Profit in 1Q19, 7% Lower YoY as Depreciation Increases
PTTEP has reported its 1Q19 financial statement with a profit at THB 12,479 million, decreased 6.74% YoY.
PTT Exploration and Production Public Company Limited (PTTEP) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:
PTTEP has recorded a net profit in the first quarter of 2019 at THB 12,479 million, decreased 6.74% YoY while the profit from normal operation was THB 11,033 million, an increase of THB 2,065 million YoY. The reason was primarily due to an increase in sales revenue mainly from an increase in sales volume.
The depreciation, depletion and amortization expenses increased THB 1,504 million mainly due to the acquisition of additional participating interests in the Bongkot Project, as well as, income tax expenses increased THB 1,003 million and petroleum royalties and remuneration expenses increased THB 531 million a result of an increase in domestic sales.
PTTEP has also stated that the Final Investment Decision (FID) for the Mozambique Rovuma Offshore Area 1 Project is expected in Q2/2019 with the planned first phase of production at 12.88 MTPA starting in 2024.
