PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its Q1/2022 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q22 | 1Q21 |
| Net Profit (Loss) Million US Dollar |
0.32 | 0.38 |
| Earning Per Share (USD) |
0.0800 | 0.0900 |
| % Change | -15.43 | |
In Q1/2022, PTTEP had net profit of 318 MMUSD, a decrease of 58 MMUSD or 15% from a net profit in Q1/2021 of 376 MMUSD despite an increase in revenue from sales. The decline in net profit was due to higher loss from oil price hedging instruments, together with gain from a bargain purchase of Oman Block 61 Project, offset with partial write-off of exploration and evaluation assets of the exploration project in Brazil recognized in Q1/2021. The net profit for Q1/2022 of 318 MMUSD can be separated as follows.
The profit from normal operation in Q1/2022 was 570 MMUSD, an increase of 288 MMUSD when compared with a profit in Q1/2021 of 282 MMUSD, primarily from an increase in revenue from sales of 639 MMUSD with 27% increase in average selling price and 12% increase in average sales volume. However, income taxes increased by 312 MMUSD mainly from higher profit from projects in Thailand and Oman.
The loss from non-operating items in Q1/2022 was 252 MMUSD, a change of 346 MMUSD when compared with a profit in Q1/2021 of 94 MMUSD, from higher loss on financial instruments primarily from oil price hedging instruments of 133 MMUSD due to more upward trend of forward oil price than Q1/2021 which included an increase in unrealized loss from mark-to-market of 106 MMUSD. In addition, there was gain from a bargain purchase of Oman Block 61 Project of 350 MMUSD, offset with partial write-off of exploration and evaluation assets of the exploration project in Brazil of 145 MMUSD recognized in Q1/2021 while no such transaction was recognized this quarter.
