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STOCKS NEWS THAILAND-PTTEP at one-week low; weak Q4 earnings seen
January 15, 2013 / 5:06 AM / 5 years ago

STOCKS NEWS THAILAND-PTTEP at one-week low; weak Q4 earnings seen

Shares in PTT Exploration and Production Pcl hit a one-week low, underperforming the energy sector and the broader stock market, amid expectations of weak fourth quarter earnings due to expenses on its Montara project in Australia.

PTTEP shares were down 0.9 percent at 166 baht, falling at one point to 165.5 baht, the lowest since Jan. 8. The energy subindex was up 0.16 percent, while the benchmark SET index was 0.24 percent higher.

Broker Phillip Securities forecast quarterly net profit of 14.2 billion baht ($469.7 million), down from 17.5 billion baht in the third quarter. PTTEP is expected to release its fourth quarter and 2012 earnings next week.

The Montara field is expected to resume production in March and PTTEP is likely to write off asset impairment worth $100 million in the fourth quarter on a slower-than-expected start of production, the broker said in a report.

“PTTEP would book $30 million insurance claim for the Montara field. In sum, PTTEP is expected to book total extra losses of 2.1 billion baht, which would drag net profit lower to 14.17 billion baht in the fourth quarter,” it said.

1144 (0444 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Prateek Chatterjee)

$1 = 30.23 baht

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