PTT expects to earn profit of 100 billion baht in 2013

BANGKOK, Dec 23 (TNA) - PTT Public Co., Ltd., Thailand’s largest oil trading firm, expects to earn 100 billion baht in profit during 2013 despite several external problems, said PTT’s chief financial officer Surong Bulakul. Despite optimism on next year’s profit, Mr. Surong said it is quite difficult to assess the firm revenue due to several unpredictable external problems including an aftermath of the U.S. in solving its Fiscal Cliff policy as it effect could strengthen the Thai baht and the company’s revenue. Other external factors that could affect PTT’s revenue in 2013 are changes of several foreign government leaders, for example, Japan, he said, adding that crude oil prices are expected to stay between 105 to 115 U.S. dollars per barrel next year which are not too volatile compared to 2012. Meanwhile, Pailin Chuchottaworn, chief executive officer and also president of PTT Pcl, said the Thai government’s energy policy could pose a risk problem in 2013. Mr. Pailin suggested that the government ought to increase oil prices in the country on a gradual basis as PTT would be in a difficult situation because of a free flow of capital investment following an implementation of ASEAN Economic Community scheduled at the end of 2015. While PTT aims at raising its coal production output to 70 million metric tonnes by 2020 from 13 million metric tonnes now, Mr. Pailin said PTT is seeking investment opportunities in the coal-mining business in several countries including Cambodia, Mongolia and Madagascar. He said PTT’s majority-owned stake in Singapore-listed coal miner Sakari Resources Ltd. would be a major force in expanding the firm’s coal-mining business and boost the company’s revenue in future. (TNA)