PTT net profit for first quarter up 52%

PTT PCL, Thailand’s largest oil and gas company by revenue, reports that its net profit for the first quarter is up 52% to US$1.14 billion.  Sales for the same period were up 21% to 540.86 billion baht (US$17.8 billion), from 449.02 billion baht (US$14.8 billion) due to both higher sales and contributions from its oil and petrochemical affiliates. PTT’s refining affiliates reported a higher gross refining margin of US$12.59 a barrel due to increases in crude oil prices.  Earnings were also affected by higher foreign exchange gains, which were 2.59 billion baht (US$82.5 million) from January to March. (May 13, 2011)